Bitcoin dipped under $75,000 for the first time in a month on Friday, triggering nearly $1 billion in crypto liquidations and dragging the broader market lower. The decline came as U.S.-listed bitcoin ETFs logged more than $1.25 billion in outflows for the week, signaling a sharp shift in institutional sentiment.
What the selloff looked like
Bitcoin touched an intraday low of $74,320, its weakest level since late April. The drop accelerated after the coin broke below $76,000, a level that had held for most of the week. Across exchanges, roughly $980 million in leveraged positions were wiped out, according to data from CoinGlass. Longs accounted for the vast majority of the liquidations.
ETF outflows deepen the rout
The outflows from spot bitcoin ETFs this week mark the largest weekly exodus since March. More than $1.25 billion left the products, with the Grayscale Bitcoin Trust and BlackRock's iShares Bitcoin Trust seeing the biggest redemptions. The selling suggests institutional allocators are paring exposure ahead of a long holiday weekend in the U.S.
Why now?
No single catalyst drove the move. The price decline began late Wednesday and accelerated through Friday morning, catching many traders off guard. Some pointed to a broader risk-off mood in macro markets, but crypto-specific triggers were notably absent. The selloff came on relatively modest spot volume, which amplified the impact of leveraged liquidations.
Bitcoin was changing hands near $74,500 as of Friday afternoon. The next few sessions will test whether the market can hold this level — or whether the selling has further to run.
