Bitcoin struggled to gain traction over the weekend after a sharp drop. After hitting a high of $81,939 on May 12, the price fell steadily, bottoming at $74,501 on May 23 — the lowest in 14 days. It trimmed some losses to $77,096 by Sunday morning, but the 24-hour gain was a mere +0.31%, with the range between $77,543 and $76,108. Ethereum fared no better, trading at $2,104.78 (-0.79%), still near its May 23 trough of $2,025.
64,516 Traders Liquidated for $214M in 24 Hours, Longs Bear the Brunt
Data from CoinGlass shows total liquidations across crypto futures reached $214.23 million in the past 24 hours, hitting 64,516 traders. Longs accounted for $137.5 million (64%), while shorts contributed $76.72 million (36%), reflecting a heavily bearish skew that crushed leveraged bulls. The single largest liquidation order occurred on Binance's BTC/USDT contract, worth $11.81 million. In the last 12 hours, liquidations totaled $169.6 million, and $50.63 million in the last 4 hours, indicating intermittent sell pressure.
Three Headwinds Stalling the Bounce: Hawkish Fed, ETF Outflows, Powell Transition
The lackluster rebound is weighed down by three key factors. First, the Federal Reserve remains hawkish. The April 29 FOMC meeting voted 8-to-4 to hold rates at 3.5-3.75%, with four dissents — the most since 1992. Markets now price in zero rate cuts for 2026. March PCE inflation stood at 3.5% headline (3.0% core), with surging energy costs limiting easing room.
Second, Bitcoin spot ETFs suffered heavy outflows. In the week of May 11-15, BTC ETFs saw net outflows of $1.039 billion, breaking a six-week inflow streak. BlackRock's IBIT recorded a single-day outflow of $448.4 million, and total BTC ETF assets fell below $101 billion for the first time since late April.
Third, uncertainty around Powell's succession. Powell's term ended on May 15, but he declared "step down but not leave," staying on as a regular governor to defend Fed independence. Yet the successor remains unknown, clouding the monetary policy outlook and dampening risk appetite.
SOL and XRP Weaken, Altcoins No Signs of Bottoming
Solana trades at $85.45 (-0.64%), with a 24-hour range of $87.00 to $83.70, down over 12% from its May 12 peak of $98.10. The May 23 low of $81.92 held but the bounce is feeble. XRP sits at $1.3518 (-0.81%), ranging $1.371 to $1.3326, still well below its May 15 high of $1.54, though it avoided breaking the May 23 floor of $1.31.
Fear Index at 30, US Stocks Edge Higher; Focus on ETF Flows
The Alternative.me Fear & Greed Index reads 30 (Fear), up slightly from 25 (Extreme Fear) yesterday and 28 last week, suggesting sentiment remains trapped in the panic zone. US stocks closed modestly higher Thursday: the S&P 500 at 7,473.47 (+0.37%) and Nasdaq at 26,343.97 (+0.19%), but momentum was too weak to lift crypto.
Key factors to watch this week: whether BTC ETF outflows reverse, any dovish signals from Fed officials, and if Bitcoin can hold above $77,000 as near-term support. Continued ETF bleeding or weaker macro data could put the $74,500 low at risk of a retest.