Bitcoin Slips Below $75,000, Sparking Nearly $1 Billion in Liquidations

CoinDesk (May 24) reported that Bitcoin's drop below $75,000 set off nearly $1 billion in liquidations. Mark Connors said Bitcoin could be entering a new stretch of outperformance versus traditional assets. On XBIT DEX, the implied probability of Bitcoin reaching $150,000 before Dec. 31, 2026 stands at 9.5%. On-chain activity also drew attention as an unidentified wallet moved 308,269,342 USDT, worth about $307,899,560. In positioning updates, Ma Ji Huang Licheng increased ETH longs by 1,000 tokens. A trade focused on BTC outperforming altcoins showed the HYPE short position increased by 18,335.66 BTC, with current P&L above $2.6 million. Loracle estimated the HYPE short's unrealized loss widened to $27.086 million. Separately, an account flagged as suspected to have insider information around a potential HYPE listing ('HYPE Long Position TOP 1') saw unrealized profit on its HYPE long narrow to roughly $29.94 million. A leading altcoin bear trader ('Multicoin Short Position TOP 1') fully closed a TON short previously sized at more than $1.03 million. For ZEC, the largest short position tracked belonged to BRENTOIL, with unrealized profit expanding to $1.26 million.