- Bitcoin dropped about 3% in 24 hours to US$72,739 (AU$101,107) on May 28, hitting a six-week low of US$72,669 (AU$101,010) and sitting roughly 42% below its US$126,080 (AU$175,251) all-time high.
- Prediction market Myriad showed 27% odds that Bitcoin closes May below US$70,000, up about 240% in 24 hours; Polymarket’s equivalent market priced the same outcome at 26%.
- A 24-hour liquidation cascade wiped out nearly US$924 million (AU$1.28 billion) in leveraged positions, including roughly US$851 million (AU$1.18 billion) in longs.
Prediction market traders sharply repriced the odds of Bitcoin (BTC) closing May below US$70,000 (AU$97K) on May 28.
Bitcoin traded around US$72,739 (AU$101K) on May 28, down about 3% over the previous 24 hours and only 3.9% above the psychologically significant US$70K level. The asset now trades approximately 42% below its US$126K (AU$175K) all-time high.
Starting with Myriad’s market, markets on whether Bitcoin will close May below the US$70,000 strike climbed to 27% odds, up roughly 240% in 24 hours, while Polymarket’s equivalent contract priced the same outcome at 26%.
On longer-dated Polymarket contracts we can see traders assigned 54% odds that Bitcoin trades below US$55,000 (AU$76K) at some point before 2027, and 42% odds the asset prints below US$50,000 (AU$69K) during 2026.
Moreover, a Robinhood contract on Bitcoin closing at US$73,300 (AU$101K) or above on May 28 priced near 99¢, with US$74,000 (AU$102K) or above at only 2¢ approaching expiry.
Read more: Lawsuit Targets Dormant Bitcoin Wallets in Bid to Claim ‘Abandoned’ Crypto Fortune
ETF Outflows And Long Liquidations
The price slide unfolded alongside an unusually heavy bout of leveraged liquidations and ETF redemptions. Roughly US$924 million (AU$1.28 billion) in crypto futures positions were wiped out over 24 hours, with about US$851 million (AU$1.18 billion) of that coming from long positions.
Spot Bitcoin ETFs have shed more than US$1 billion (AU$1.39 billion) over the prior two trading days, with US$733 million (AU$1.02 billion) of net outflows on the previous Wednesday alone and a cumulative US$2.6 billion (AU$3.61 billion) pulled across an eight-day losing streak.
An Arctic Digital analyst noted the decline is “partly due to ETF outflows, with serious amounts getting out,” characterising the redemptions as a meaningful driver of spot weakness rather than a side effect.
Read more: ASIC Sounds Alarm as Crypto Scammers Trap Investors Through Fake Trading Groups
The post Bitcoin Bears Circle $70K as Traders Bet on Deeper May Slide appeared first on Crypto News Australia.
