Bitcoin slid below $73,000 on May 28, trading near $72,800 after a 3.4% decline in 24 hours. The drop came amid US airstrikes on Iran that triggered up to $1 billion in crypto liquidations.
The sell-off intensified as BlackRock’s IBIT spot Bitcoin ETF recorded a $448 million single-day outflow, its second largest since launch. Total IBIT outflows since mid-May have surpassed $1.5 billion, raising concerns about the structural demand floor that ETF inflows had provided.
Former President Trump continues to push the Digital Asset Market Clarity Act, which would classify Bitcoin as a digital commodity under CFTC oversight. The bill passed the House in July 2025 and advanced out of the Senate Banking Committee in May 2026 on a 15-9 vote. A full Senate vote could come around early August.
For investors, key factors to watch: the Senate floor schedule for a CLARITY vote, sustained ETF flow data, and further geopolitical developments in the Middle East.