The crypto market shed $13.6 billion in 24 hours as Bitcoin broke below all four key exponential moving averages.
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Bitcoin slides 3% to $75,202 as options expiry and ETF outflows mount
The crypto market shed $13.6 billion in 24 hours as Bitcoin broke below all four key exponential moving averages.
Bitcoin fell 3% to $75,202 on May 27, dragging the global crypto market cap down 1.5% to $2.53 trillion as monthly options expiry, spot ETF outflows, and macro uncertainty triggered forced selling across digital assets.
"Bitcoin has formed a bearish engulfing outside bar pattern on the daily chart, pointing to a reversal as bears completely overpowered bulls," Ched Trading, a pseudonymous analyst, said on X. "BTC price could drop to $73,000 if it breaks below the 50-day moving average at $74,294."
More than $344 million in long positions were liquidated across centralized exchanges in the past 24 hours, with the largest single order of $12.06 million on Binance, according to Coinglass data. The sell-side volume surge followed a $1.3 billion block trade of BlackRock's iShares Bitcoin Trust in a dark pool, which the market absorbed without immediate price impact, Bloomberg senior ETF analyst Eric Balchunas said. Spot Bitcoin ETFs recorded $333.6 million in net outflows on Tuesday, led by IBIT's $192.4 million redemption, while Ethereum ETFs shed $35.1 million, per Farside Investors data.
The selloff comes ahead of the US Personal Consumption Expenditures inflation report on Thursday, with economists forecasting a reading of 3.8%, up from 3.5% previously. A higher-than-expected print could reinforce expectations that the Federal Reserve will maintain restrictive policy under new Chair Kevin Warsh, further pressuring risk assets. Bitcoin's next support sits at $74,294, the 50-day moving average, with a break below that level opening the path toward $73,000.
$344 Million in Longs Wiped as Liquidations Accelerate
Bitcoin has broken below all four key exponential moving averages — the 20-day at $77,394, the 50-day at $76,663, the 100-day at $76,805, and the 200-day at $81,363 — according to CoinGecko data. The break below the 0.382 Fibonacci retracement at $75,987 compounds the technical damage, opening a wider downside corridor toward $73,000, the max pain price for the May 29 monthly options expiry.
The put-call ratio on Bitcoin options has shifted bearish, with traders opening more puts than calls in the past 24 hours at a ratio of 1.50, targeting strike prices of $75,000 and $73,000, Deribit data shows. Ethereum options tell a similar story, with $274 million in notional value expiring and a put-call ratio of 1.15.
ETF Outflows and Macro Risks Compound Pressure
Institutional flows have turned decisively negative. Spot Bitcoin ETFs saw $333.6 million in net outflows on Tuesday, a second consecutive week of redemptions, according to Farside Investors data. The rotation out of Bitcoin and Ethereum ETFs contrasts with inflows into altcoin-focused funds, with XRP ETFs netting $42 million in the past week.
The Crypto Market Fear & Greed Index dropped from 34 to 25, sliding deeper into "extreme fear" territory, as traders priced in the risk of sustained Fed hawkishness. The S&P 500's fresh 52-week high above 7,519 has pulled marginal risk capital out of digital assets and into equities, reinforcing the rotation thesis.
This article is for informational purposes only and does not constitute investment advice.
