Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout

Bitcoin traded around $74,570 after falling beneath the $75,000 threshold, erasing nearly 3% of its weekly value and pushing market capitalization back below $1.5 trillion. The decline followed fading exchange-traded fund inflows flagged by Glassnode, alongside weakening spot demand and deteriorating U.S. spot ETF netflows. Bitstamp data showed a drop of about 3% on the week and a move from above $75,500 to a daily low near $74,530. The sharpest selloff began around 8:44 a.m. EST, with price sliding from roughly $76,800 to about $74,637 within under two hours. Leveraged longs were wiped out, and U.S.-Iran deal odds were priced at 30% ahead of a May 31 deadline.

"Bitcoin fell below $75K on May 27 as Glassnode flagged fading exchange-traded fund (ETF) inflows. Bitstamp data showed BTC dropped 3% weekly, wiping out $115.3M in leveraged longs. Polymarket traders priced U.S.-Iran deal odds at 30% ahead of the May 31 deadline. For the second consecutive day, bitcoin trended downward, slipping below the $75,000 threshold even as major Wall Street indexes hovered near record highs."

"According to Bitstamp data, the leading cryptocurrency plummeted to its daily low after spending much of the prior 24-hour trading session above $75,500. The sharpest decline began around 8:44 a.m. EST, when the digital asset tumbled from $76,800 to $74,637 in just under two hours. Although it mounted a brief recovery to just over $75,300 an hour later, bitcoin ultimately lost momentum, retreating to an intraday low of $74,530."

"The latest slide dragged bitcoin's market capitalization below the $1.5 trillion mark for the second time this month and widened its weekly loss to nearly 3%. Bitcoin's short-term weakness aligns closely with underlying shifts highlighted in Glassnode's weekly onchain report. Data indicates that bitcoin's broader upside momentum is cooling beneath the surface, stalled by weakening spot demand and a sharp deterioration in U.S. spot exchange-traded fund (ETF) netflows."

"Glassnode analysts noted that while the asset remains structurally resilient—supported by defensive positioning from long-term holders—onchain metrics such as the realized profit-to-loss ratio suggest capital inflows are fading, keeping the market far below the lev"

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