- Bitcoin dropped to $76,551, its lowest since May 1, amid US-Iran war risks
- Cryptocurrencies saw nearly $500 million liquidated in bullish bets in 15 minutes
- US-listed Bitcoin ETFs had over $1 billion outflows last week, first since January
Bitcoin weakened to its lowest level in more than two weeks as broad macro risks stemming from the US-Iran war prompted traders to cut back their positions. The original cryptocurrency fell as much as 2.2% to $76,551 on Monday, the lowest since May 1, before paring some losses. It was hovering around $76,800 at 7:15 a.m. in London. Other tokens, including Ether and Solana, also fell.
Bitcoin's price slumped as cryptocurrencies across the board saw nearly $500 million in liquidations of bullish bets within 15 minutes during early Asia trading on Monday, according to Coinglass data. Roughly $590 million in bullish positions were unwound in the 24 hours leading into early European trading, Coinglass data show.
The token has been under pressure in recent days as uncertainty around the US war with Iran weighed on risk assets. US-listed spot Bitcoin exchange-traded funds saw more than $1 billion in outflows last week for the first time since late January.
“Bitcoin's pullback is a macro story,” said Rachael Lucas, an analyst at BTC Markets. “Risk appetite has repriced, and Bitcoin is moving with it.”
Liquidations on Bitcoin Bullish Bets
Photo Credit: (Photo: Bloomberg)
Oil prices climbed on Monday while bond yields surged and Asian stocks declined. The negative sentiment came amid a lack of progress in reopening the Strait of Hormuz, a critical trade waterway. President Donald Trump said the “clock is ticking” for Iran to make a deal.
Bitcoin liquidations were triggered as the cryptocurrency fell through a key support level around $77,800. Structural support remains between $76,000 and $76,800, Lucas said, while a close above $80,000 “would be the first meaningful signal that selling pressure is exhausting.”
Weekly Bitcoin ETF Outflows Hit $1 Billion
Photo Credit: (Photo: NDTV Profit)
Bearish bets were concentrated at $77,500 with traders buying about $38 million in Bitcoin put options for May 18 expiry, according to Deribit data, underscoring negative sentiment.
The sudden fall in Bitcoin prices “appears to have triggered a stop run in the absence of any macro headlines,” said Sean McNulty, Asia-Pacific derivatives trading lead at FalconX. The weakness was “compounded by lingering downside hedging from last week,” he added.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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