Bitcoin fell below $68,000 on Tuesday morning, extending a month long decline that has erased much of its May rebound and triggered more than $1 billion in crypto liquidations, according to CoinGlass data.
The largest crypto asset by market value dropped more than 5% over the past 24 hours and was trading near $67,200 at press time, its lowest level in about a month. Bitcoin has been under pressure since reaching a four month high near $82,000 in the second week of May.
The selloff dragged the broader crypto market lower. Ethereum fell nearly 5% to trade near $1,900, Solana dropped 6% to around $76, and XRP declined 5% to about $1.22. The total crypto market cap fell 3.5% to roughly $2.3 trillion, with only a few tokens, including ZEC, NEAR, and Worldcoin, trading in positive territory.
The decline sparked more than $1 billion in liquidations over the past 24 hours, including about $989 million in long liquidations and $117 million in short liquidations. Bitcoin and Ethereum accounted for most of the wipeout as leveraged traders were forced out of positions during the market drop.
The liquidations come as spot Bitcoin ETFs continue to bleed capital. Bitcoin funds recorded about $483 million in outflows on Monday, marking an 11 day outflow streak. Ethereum ETFs also remained under pressure, extending their outflow streak to 15 days with $44.5 million in redemptions.
