Overview
- Bitcoin slid to about $75,000 on Wednesday as renewed U.S. military activity with Iran heightened risk aversion and pushed sellers to act.
- U.S. spot Bitcoin ETFs have recorded consecutive net outflows totaling roughly $1.5B–$1.9B in recent sessions, removing a major structural source of buy‑side support.
- A reported roughly $1.3 billion off‑exchange block trade in BlackRock’s IBIT on May 27 intensified selling pressure by signaling large-scale ETF liquidation activity.
- Leveraged derivatives and liquidations amplified the move, with reports of hundreds of millions in 24‑hour liquidations and elevated open interest making further sweeps of stops possible if $74k breaks.
- Trading volumes have collapsed since October 2025 and, with institutional flows weakened, some capital is rotating into alternative products such as XRP ETFs that logged modest inflows and a spike in new wallets.