Over the past 24 hours, BTC has dropped by around 5% and is now trading just below $67,000. At one point, the price slipped under $66,000, reaching its lowest level since early April. On a weekly basis, Bitcoin is down roughly 11%.
Major altcoins are also under pressure. Ethereum, BNB, and Solana have each fallen by around 6%, while XRP and Tron are down about 3%. Total crypto market capitalization has dropped below $2.4 trillion.
One of the main triggers was a wave of liquidations in the derivatives market. According to Coinglass, more than $1 billion in positions were liquidated within 24 hours. During one short-term price drop alone, around $394 million in long positions were wiped out. Open interest in Bitcoin futures currently stands near $53 billion.
Market sentiment remains extremely weak. The Fear and Greed Index has fallen to 11 points, staying deep in the Extreme Fear zone.
Ongoing outflows from Bitcoin ETFs are adding further pressure. Since mid-May, these outflows have totaled around $3 billion. Market observers also point to capital moving away from crypto and into equities.
Sentiment was further hit by Strategy’s recent Bitcoin sale. At the end of May, the company sold 32 BTC worth around $2.5 million. This was its first Bitcoin sale since 2022, and the timing has been viewed as especially poor given the fragile market mood.
For now, the crypto market remains under pressure, with investors choosing a more cautious stance. If ETF outflows and liquidations continue, Bitcoin may remain highly volatile in the near term.
