Bitcoin Slides Below $75,000 as ETF Outflows and Forced Liquidations Hit Crypto

Bitcoin briefly fell below $75,000 on May 23, weighing on the broader crypto market, CoinDesk reported. Total crypto market value slipped to about $2.5 trillion, with ETH, XRP, SOL, ADA and DOGE also moving lower, pointing to softer risk appetite. The selloff was exacerbated by leverage. Data cited in the report showed more than $500 million in leveraged crypto positions were liquidated in a short span. Bitcoin dropped nearly $1,000 in about 10 minutes, pushing volatility higher as heavily leveraged long positions were forced out. The pullback erased roughly $55 billion from Bitcoin's market capitalization, according to the report. ETF flows added to the pressure. SoSoValue data showed U.S. spot Bitcoin ETFs posted net outflows of about $105 million on May 22, extending the streak to six straight trading days of withdrawals. Total outflows over the period reached roughly $1.26 billion. Spot Ethereum ETFs also continued to see redemptions, dampening expectations for near-term institutional demand. Geopolitical headlines weighed on sentiment as well. The report pointed to heightened tensions between Iran and the United States and renewed market focus on developments tied to the Strait of Hormuz, a key global energy corridor. Any policy or transit disruptions in the region can shift risk pricing across financial markets, reinforcing a broader risk-off tone. At the time of publication, Bitcoin had rebounded modestly to around $75,400, but the bias remained weak. The report said continued selling could bring a test of $74,000; a break below that level may expose the $72,500 area. A move back above $76,000 could help stabilize short-term sentiment and leave room for a push toward $77,000.