Bitcoin slipped under $73,000 Thursday, touching an intraday low of $72,712 as nearly $1 billion in crypto positions were liquidated across the market. The leading cryptocurrency is currently trading at $73,330, down 3.3% over the past 24 hours, according to CoinGecko.
The sharp price drop-less than 4%-triggered $931 million in liquidations, underscoring high leverage among traders even as Bitcoin remains rangebound. Over the past week, BTC is down 6% and 33% over the last year.
Driving the downturn: spot Bitcoin ETFs have seen $1.02 billion in outflows in just three days, adding to a two-week trend of capital withdrawals. Analysts say the moves signal real directional recalibration rather than mere profit-taking.
Geopolitical tensions in the Middle East are also weighing on markets. A fragile ceasefire between the U.S. and Iran is near collapse after military clashes erupted near the Strait of Hormuz. WTI crude oil has climbed to $92 a barrel, with prediction markets placing a 58% chance of it hitting $120.
Meanwhile, sentiment continues to sour. On prediction platform Myriad, users now see a 38% chance of Bitcoin dropping to $55,000, up from 22% a week ago.