Nearly $1 billion in crypto derivatives were liquidated over the past 24 hours as Bitcoin slid to $73,400 — its lowest since April — and Ethereum tumbled to $1,990, according to data from NewsBTC. BTC briefly slipped under $73,000 before a minor rebound, while the broader market saw a 3.3% daily drop in Bitcoin and a 6% weekly decline for Ethereum. The sell-off follows a failed breakout above $83,000, which analysts now describe as a potential bearish signal.
The catalyst appears to be an institutional exodus: May recorded the largest monthly Bitcoin ETF outflow of 2026, with whales and long-term holders also beginning to distribute, according to BeInCrypto. Even as S&P 500 and Nasdaq futures push toward all-time highs, crypto remains mired in a deepening divergence from traditional equities. The reversal has reset weeks of gains, with the second half of May reversing earlier momentum.
The liquidation cascade hit across assets, resetting open interest in both BTC and ETH. While no single trigger has been named, the combination of failed technical resistance, ETF outflows, and broad distribution from large holders suggests a structural shift in market sentiment. Notably, the sell-off comes despite historically positive median returns for Bitcoin in June, raising questions about whether seasonal buying can overcome this distribution pressure.
Standard Chartered has compared Ethereum's long-term potential to Amazon, but that bullish outlook clashes with the current price action. Meanwhile, Strategy's potential Bitcoin sales add another layer of uncertainty. The next key test will be whether BTC can hold the $73,000 support level — if it fails, a move into the high $60,000s may follow.