Bitcoin Price Faces Pressure as ETF Outflows and Liquidations Rise
- Odds of Bitcoin falling below $70,000 before the end of May have increased to approximately 26% on prediction markets like Polymarket and Myriad.
- Bitcoin recently traded at $72,739, just above the critical $70,000 level, after hitting a six-week low of $72,669.
- Significant ETF outflows and rising crypto liquidations have contributed to Bitcoin’s price decline.
- Crypto liquidations reached nearly $924 million in the last day, with $851 million from long positions.
- Over $2.6 billion has exited Bitcoin ETFs during an eight-day losing streak.
Prediction markets indicate growing sentiment that Bitcoin could fall below $70,000 soon due to ongoing market pressures such as ETF outflows and substantial liquidations. These factors have led to a significant shift in market sentiment despite traders’ belief that Bitcoin will maintain its current levels.
Source:Decrypt
