Bitcoin fell to lows near $72,700 as geopolitical tensions and sustained outflows from U.S. spot Bitcoin ETFs pressured the market. Over $930 million in crypto positions were liquidated despite Bitcoin’s decline of less than 4%, revealing high leverage. On the prediction market Myriad, user sentiment shifted, with the perceived chance of Bitcoin reaching $84,000 dropping to 62% from 74% earlier in the week.
The cryptocurrency market experienced significant liquidations as Bitcoin’s price retreated below $73,000. Data shows nearly $937 million in positions were cleared, highlighting substantial leverage even with a modest price drop.
This downturn coincided with capital leaving U.S. spot Bitcoin ETFs. According to tracking data, outflows totaled $1.02 billion across three days this week, extending a two-week trend. Justin d’Anethan of Arctic Digital noted, “Partly this is due to ETF outflows, with serious amounts getting out; those hint at real directional recalibration.”
Geopolitical escalation also influenced markets. A ceasefire in the Middle East neared collapse after direct military clashes, pushing oil prices higher. Adam Haeems from the Tesseract Group explained, “The Iran news compressed price into a structure that has been weakening for two weeks.”
Investor sentiment cooled alongside prices. On the prediction market Myriad, users now see a 38% chance of Bitcoin falling to $55,000, increased from 22% a week ago. The probability of a rally to $84,000 concurrently fell.
