• Bitcoin dropped about 3% in 24 hours to US$72,739 (AU$101,107) on Might 28, hitting a six-week low of US$72,669 (AU$101,010) and sitting roughly 42% under its US$126,080 (AU$175,251) all-time excessive.
  • Prediction market Myriad confirmed 27% odds that Bitcoin closes Might under US$70,000, up about 240% in 24 hours; Polymarket’s equal market priced the identical end result at 26%.
  • A 24-hour liquidation cascade worn out practically US$924 million (AU$1.28 billion) in leveraged positions, together with roughly US$851 million (AU$1.18 billion) in longs.

Prediction market merchants sharply repriced the percentages of Bitcoin (BTC) closing Might under US$70,000 (AU$97K) on Might 28.

Bitcoin traded round US$72,739 (AU$101K) on Might 28, down about 3% over the earlier 24 hours and solely 3.9% above the psychologically vital US$70K degree. The asset now trades roughly 42% under its US$126K (AU$175K) all-time excessive.

Beginning with Myriad’s market, markets on whether or not Bitcoin will shut Might under the US$70,000 strike climbed to 27% odds, up roughly 240% in 24 hours, whereas Polymarket’s equal contract priced the identical end result at 26%. 

On longer-dated Polymarket contracts we are able to see merchants assigned 54% odds that Bitcoin trades under US$55,000 (AU$76K) in some unspecified time in the future earlier than 2027, and 42% odds the asset prints under US$50,000 (AU$69K) throughout 2026. 

Furthermore, a Robinhood contract on Bitcoin closing at US$73,300 (AU$101K) or above on Might 28 priced close to 99¢, with US$74,000 (AU$102K) or above at solely 2¢ approaching expiry.

Learn extra: Lawsuit Targets Dormant Bitcoin Wallets in Bid to Claim ‘Abandoned’ Crypto Fortune

ETF Outflows And Lengthy Liquidations

The value slide unfolded alongside an unusually heavy bout of leveraged liquidations and ETF redemptions. Roughly US$924 million (AU$1.28 billion) in crypto futures positions have been worn out over 24 hours, with about US$851 million (AU$1.18 billion) of that coming from lengthy positions.

Spot Bitcoin ETFs have shed greater than US$1 billion (AU$1.39 billion) over the prior two buying and selling days, with US$733 million (AU$1.02 billion) of internet outflows on the earlier Wednesday alone and a cumulative US$2.6 billion (AU$3.61 billion) pulled throughout an eight-day dropping streak. 

An Arctic Digital analyst famous the decline is “partly resulting from ETF outflows, with critical quantities getting out,” characterising the redemptions as a significant driver of spot weak spot somewhat than a aspect impact.

Learn extra: ASIC Sounds Alarm as Crypto Scammers Trap Investors Through Fake Trading Groups

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