- Bitcoin fell to $72,885, its lowest level since mid-April, amid heavy leveraged position liquidations and ETF outflows.
- President Donald Trump reiterated his strong pro-crypto stance, vowing to make the U.S. the “crypto capital of the world.”
- Analysts from Glassnode note market conviction remains limited and volatility expectations are fading.
- Retail sentiment on platforms like Stocktwits turned ‘extremely bearish’ as prices declined.
Bitcoin plunged to its weakest level in over six weeks on Thursday, dropping below $73,000 as macroeconomic concerns and market headwinds pressured the asset. The world’s largest cryptocurrency slid 3.5% to $72,885 during Asian trading hours, while Ether fell more than 4.5%.
Consequently, data from The Kobeissi Letter shows more than $230 million in leveraged Bitcoin long positions were liquidated in a single hour. Persistent selling pressure also hit spot Bitcoin ETFs, with net outflows reaching roughly $1.5 billion for the month of May.
On-chain analytics firm Glassnode said in a post that Bitcoin retreated from the low-$80,000 region as spot demand and ETF inflows faded. “Positioning has reset, but conviction remains limited,” the firm stated.
Meanwhile, President Donald Trump doubled down on his support for digital assets, declaring in a post late Wednesday that “America is now the CRYPTO CAPITAL of the WORLD.” He criticized former SEC Chair Gary Gensler for creating a hostile environment that drove innovation offshore.
Trump further promised, “‘TRUMP’ will NEVER let Crypto down!” and pledged to codify a future-proof digital asset market structure. His comments came as retail sentiment on platforms like Stocktwits slipped into ‘extremely bearish’ territory.
One bearish user commented that buyers are now just exit liquidity for early investors. Bitcoin has declined 33% over the past twelve months, according to the provided data.
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