BTCUSD- Bitcoin Plunges to $76k on Major ETF Outflow
Bitcoin (BTC) price declined to $76,179.93, underperforming a broadly weaker market, primarily due to a sharp reversal in institutional demand for exchange-traded funds (ETFs).
BTC reacted negatively to Major ETF outflows and macro headwinds, as $1 billion left U.S. spot Bitcoin ETFs last week amid rising bond yields and inflation fears.
U.S. spot Bitcoin ETFs recorded approximately $1 billion in net outflows for the week ending May 15, the largest weekly withdrawal since late January.
This shift coincided with hotter-than-expected inflation data and surging U.S. Treasury yields, with the 30-year yield hit 5.13%, reducing liquidity and appetite for risk assets like Bitcoin.
Institutional sentiment cooled rapidly, turning a key source of recent demand into selling pressure. The price drop triggered a significant deleveraging event.
Over $246 million in Bitcoin positions were liquidated in 24 hours, with longs making up nearly 90% of that total. This forced selling accelerated the decline below key technical support.
Excess bullish leverage was flushed out, which can create a cleaner base but adds short-term downward momentum.
Technically, BTC broke below the $78,000 support and is testing its 50-day Exponential Moving Average near $76,716. The immediate battleground is the $76,000–$76,800 zone.
Upcoming catalysts include U.S. Producer Price Index data and further legislative news on the CLARITY Act. If BTC holds above $76,000, it could aim for a rebound toward $78,000; a decisive break below risks a test of the next major support near $74,500.
The combination of institutional outflow and a macro-driven risk-off shift has overwhelmed Bitcoin’s momentum, with leveraged liquidations exacerbating the drop. Bitcoin Rises as U.S Names Fed Chair, Boosts Crypto Regulation
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