Bitcoin Falls Below $75K as Crypto Liquidations Hit $917M

Bitcoin dipped below $75,000 for the first time in over a month during early Saturday trading, reaching a low of $74,344 before beginning to rebound. The cryptocurrency is currently trading around $75,500, reflecting a 1.8% decline over the last 24 hours and 2.7% over the past week. Bitcoin had traded above the $80,000 mark as recently as last week before leading a broader cryptocurrency market decline in the days since. The price movement has triggered significant liquidations across the crypto futures market, with rising U.S. Treasury yields cited as a potential factor in the selloff.

Broader Market Decline

Other major cryptocurrencies are experiencing similar declines. Ethereum has fallen 2.7% in the last day to a recent price of $2,059, while Solana has declined over 3% to $84.

Liquidation Data

Bitcoin's overnight dip below the $75,000 mark has triggered substantial liquidations in crypto futures positions. According to CoinGlass, $917 million worth of liquidations occurred during the past 24 hours, with Bitcoin accounting for $371 million and Ethereum approximately $261 million. Long positions—bets that an asset's price will rise—dominate the liquidations, totaling $827 million.

ETF Outflows and Treasury Yields

Bitcoin ETFs experienced significant outflows during the week, shedding over $1.25 billion in investments across a six-day streak, according to Farside Investors data. Rising U.S. Treasury yields may have contributed to the ETF outflows, which subsequently pressured Bitcoin's price. Yellow Capital CEO Diego Martin explained the transmission mechanism: "Geopolitical shocks no longer hit crypto directly the way they once did. They hit Treasury yields, which hit risk appetite, which hits ETF flows, which hit Bitcoin. The transmission is more institutional now."