Bitcoin briefly plunged below $75,000 early Saturday, hitting a low of $74,344, its lowest level in over a month. The leading cryptocurrency by market cap has since recovered slightly, now trading around $75,500, down 1.8% in the last 24 hours and 2.7% for the week. This follows a drop from above $80,000 just last week.
Other major cryptocurrencies also slid. Ethereum fell 2.7%, trading at $2,059, while Solana dropped over 3%, settling at $84.
The sharp downturn triggered a wave of liquidations. CoinGlass data shows nearly $917 million in crypto futures positions were liquidated in the past 24 hours. Bitcoin led with $371 million in liquidations, followed by Ethereum at $261 million. Long positions, betting on price increases, accounted for the majority, totaling $827 million.
Analysts point to a confluence of factors. Bitcoin ETFs saw over $1.25 billion in outflows this week, marking a six-day streak. Rising U.S. Treasury yields likely drove these outflows, reducing risk appetite. As Diego Martin, CEO of Yellow Capital, explained: “Geopolitical shocks no longer hit crypto directly... They hit Treasury yields, which hit risk appetite, which hits ETF flows, which hits Bitcoin. The transmission is more institutional now.”