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Bitcoin is starting to rebound after a rocky night that saw the top cryptocurrency by market cap dive below $75,000 for the first time in over a month, dipping as low as $74,344 in the early hours of Saturday.
The coin is currently trading around $75,500, showing a 1.8% drop over the last 24 hours and 2.7% in the last week. Bitcoin had traded above the $80,000 mark as recently as last week before leading a broader crypto market dip in the days since.
Other major cryptocurrencies are showing similar declines, with Ethereum falling 2.7% in the last day to a recent price of $2,059 and Solana declining over 3% to a price of $84.
Thanks to Bitcoin's overnight dip below the $75,000 mark, a growing pile of crypto futures positions has been liquidated in the last day. CoinGlass currently shows $917 million worth of liquidations during the past 24 hours, led by Bitcoin with $371 million worth and Ethereum at about $261 million worth.
Long positions—or bets that an asset's price will rise—dominate the carnage with $827 million worth of liquidations.
While there's no immediately obvious trigger for Bitcoin's latest leg down, the dip below $75,000 comes as Bitcoin ETFs had a terrible week, shedding over $1.25 billion worth of investments amid a six-day streak of outflows per data from Farside Investors.
Rising U.S. Treasury yields may have contributed to the ETF outflows, which then pummel the price of Bitcoin, an industry executive told Decrypt earlier this week.
“Geopolitical shocks no longer hit crypto directly the way they once did,” said Yellow Capital CEO Diego Martin. “They hit Treasury yields, which hit risk appetite, which hits ETF flows, which hit Bitcoin. The transmission is more institutional now.”
