Bitcoin Falls Below $77K and Then $69K as Bond Selloff and Liquidations Top $1.4B
Bitcoin dropped below $69,000 for the first time in almost two months, while total crypto liquidations reached $1.4 billion over 24 hours according to CoinGlass. Sources tie the selloff to a surge in U.S. Treasury yields and the largest weekly spot Bitcoin ETF outflow since late January.
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Price Drop and Liquidations
Bitcoin fell below $69,000 on the most recent trading day, its first move under that level in almost two months, according to CryptoPotato. Decrypt reported the asset at around $76,770 earlier in the same period, down 2% over 24 hours per CoinGecko, so the two outlets captured different points in a fast decline.
Liquidation totals also differ by source. CryptoPotato, citing CoinGlass, put 24-hour liquidations at more than $1.4 billion, with $1.26 billion from long positions and $155 million from shorts. Decrypt, also citing CoinGlass but at an earlier point in the day, reported more than $672 million. Bitcoin accounted for $742 million of the CryptoPotato total and Ether for $250 million, and more than 170,000 traders were wiped out.
Bond Market and ETF Flows
Decrypt linked the weekend move to the bond market. The 10-year U.S. Treasury yield reached 4.63% on Sunday night, its highest since February 2025 and up 70 basis points since the Iran War began, according to a post by The Kobeissi Letter. Diego Martin, CEO of Yellow Capital, told Decrypt that geopolitical shocks now reach crypto mainly through Treasury yields, risk appetite and ETF flows.
The flow data supports that view. Alex Thorne, head of firmwide research at Galaxy, said on Monday that spot Bitcoin ETPs had their largest weekly outflow since late January. SoSoValue data showed $1 billion in net outflows for the week ending May 15, following $622.75 million of inflows the prior week.
Altcoins and Market Structure
CryptoPotato reported that altcoins moved with Bitcoin, with Ether down about 6% to $1,925 and XRP touching $1.00. SOL, ZEC, DOGE, XMR and WBT each posted losses above 6% over the same 24 hours.
CryptoPotato also described a broader sequence of declines since a rise above $80,000 the prior Wednesday, with a rebound to nearly $75,000 rejected and a drop after a Jensen Huang resignation report and Middle East tensions. Those attributions come from CryptoPotato alone and were not confirmed by the Decrypt piece.
What Traders Are Watching
Decrypt quoted Martin saying $77,000 is the level to watch, and that a break below it with elevated perpetual swap open interest could make a retest of $70,000 or lower a real scenario. Georgii Verbitskii, founder of TYMIO, said Bitcoin has lagged the AI-driven equity rally, which he read as a sign of weak standalone demand. Decrypt also reported that prediction market Myriad users now put a 74% chance on a rally to $84,000, down from 89% on Thursday.
Why It Matters
For Traders
The $77,000 and $70,000 levels, with elevated open interest and ETF outflows, are the reference points sources cite for near-term downside risk.
For Investors
Sources link Bitcoin's weakness to Treasury yields and ETF flows, so bond market conditions may matter more than crypto-native news for the coming months.
For Builders
Sharp liquidation totals and differing source figures underline the need for protocols to stress-test leveraged positions against rapid multi-asset drawdowns.
This article is for information only and is not financial advice. Read the full disclaimer.
