Bitcoin fell below $68,000 on Tuesday, continuing a month-long decline that has erased most of its May rebound and triggered more than $1 billion in crypto liquidations.
The largest cryptocurrency dropped over 5% in the past 24 hours to trade near $67,200, its lowest level in a month. Bitcoin has been under pressure since hitting a four-month high near $82,000 in early May.
Ethereum fell nearly 5% to around $1,900, Solana dropped 6% to about $76, and XRP declined 5% to $1.22. The total crypto market cap fell 3.5% to roughly $2.3 trillion.
The selloff sparked over $1 billion in liquidations, including $989 million in long positions and $117 million in shorts. Bitcoin and Ethereum accounted for most of the wipeout as leveraged traders were forced out of their positions.
Spot Bitcoin ETFs recorded about $483 million in outflows Monday, marking an 11-day streak. Ethereum ETFs extended their outflow streak to 15 days with $44.5 million in redemptions.
In contrast, Hyperliquid's HYPE token rallied over 80% since early May, recently hitting a record above $75 before pulling back 4% to trade near $71.
The broader equity market moved in the opposite direction. The S&P 500 has gained over 20% since late March and was flat Tuesday near 7,600 after another record high.
Crypto-linked stocks traded lower, with Strategy falling nearly 10% to $135, Circle dropping 6%, and Coinbase losing 6%. Bitcoin miners were an exception, with TeraWulf rising 6% and Cipher Mining gaining 7% as AI infrastructure demand boosted the sector.
The selloff also comes amid uncertainty around the Iran conflict, adding another layer of volatility for crypto markets already under pressure from ETF outflows and forced liquidations.