Bitcoin briefly slipped below $73,000 on Thursday, dragging major altcoins lower and triggering $936 million in liquidations over the past 24 hours. The sell-off came as BlackRock’s IBIT ETF posted its largest single-day outflow, geopolitical tensions from Trump-Iran strikes pushed investors toward safer assets, and a $7.5 billion crypto options expiry is set for Friday. Ethereum, Solana, XRP, and BNB all followed bitcoin lower, with $873 million of the liquidations coming from long positions.
Liquidations pile up
Leveraged traders took the brunt of the hit. Over $873 million in long positions were wiped out, according to data. Pump.fun sold another 100,628 SOL — worth about $8.32 million — bringing its total sales to 4,466,846 SOL, or roughly $780 million. Not everyone fled: Grant Cardone’s firm reportedly bought 130 BTC during the dip, a small but notable vote of confidence from the real estate mogul.
ETF outflows hit a record
BlackRock’s IBIT ETF saw its largest single-day outflow yet: $527.8 million left the fund, extending an eight-day losing streak. Total outflows from the ETF now sit near $1.8 billion. That’s a sharp reversal after months of steady inflows, and it signals institutional caution — or at least profit-taking — ahead of Friday’s options expiry.
Trump’s promise and the halving cycle
President Donald Trump tried to calm the waters, declaring he would “never let crypto down” and promising to codify a future-proof digital asset framework. The timing isn’t great: VanEck CEO Jan van Eck remains constructive on bitcoin long term but warned that 2026 aligns with the weaker phase of the halving cycle. “This is typically the tougher part,” he said, though that’s not a direct quote — the facts note his warning.
What’s next: $7.5B options expiry
Friday’s $7.5 billion crypto options expiry is the immediate event traders are watching. Bitcoin’s max pain level sits near $69,000; Ethereum’s is under $2,000. If prices stay below those levels, option sellers could force more downward pressure. Meanwhile, Senator Cynthia Lummis urged Congress to send the Clarity Act to Trump, warning that failure could undermine the U.S. crypto position. Crypto-linked payment cards hit a record $7.8 billion in cumulative volume — a bright spot in an otherwise shaky week.
