Bitcoin drops to $76,600, ETF loses over $1.2 billion, and $194 million was liquidated in 24 hours

Tuesday morning (5/26), the cryptocurrency market continues its weak consolidation. Bitcoin is currently priced at $76,727, down 0.41% in 24 hours; Ethereum at $2,094, down 0.41%; SOL down 1.25% to $84.32. CoinGlass data shows 24-hour total liquidation of $194 million, with 76,576 traders being liquidated, including $104 million (53.5%) in long positions. ETF funding is worsening, with BTC spot ETFs experiencing net outflows for six consecutive days, totaling over $1.26 billion; the Fear and Greed Index stands at 34 (Fear), slightly up from last week's extreme fear of 25, but still not out of the panic zone.
(Background: Midnight massacre! Bitcoin plunges to $76k, ETH drops below $2100, and 24-hour global liquidations reach $840 million)
(Additional context: Bitcoin surges past $82k, Ethereum rises above $2300! Hot money celebrates the passage of the "Clarity Act")

Table of Contents

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• Liquidation: $194 million in 24 hours, nearly an hour of dense long liquidations
• Three macro triggers: ETF continuous outflows, Fed hawkish stance, Warsh succession concerns
• SOL, XRP: larger declines, weaker rebound momentum
• Fear Index 34: climbing out of extreme fear, but the market is not yet at ease

Bitcoin has slid from its 14-day peak of $81,700 (Taipei time 02:00) on May 15, down to a 14-day low of $74,501 on May 23 at 16:00, a weekly drop of over 8.8%. Although it briefly rebounded afterward, by Tuesday morning at 09:02, it only stabilized at $76,727.82 (24h high $77,905 / low $76,575), with heavy resistance above and unclear direction. This is not a crash, but also not a bottom—more like a peak reversal where both bulls and bears are waiting for a signal.

Ethereum also remains weak, currently at $2,094.67 (24h high $2,141 / low $2,084), down 0.41%; its 14-day peak was at $2,333 on May 12 09:00, and the low was $2,025 on May 23 16:01. It is hovering near the bottom, showing no effective support yet.

Liquidation: $194 million in 24 hours, nearly an hour of dense long liquidations

CoinGlass data as of Tuesday 09:02 shows 24-hour total liquidations of $76k, with 76,576 traders liquidated; longs account for $103.65M (53.5%), shorts for $89.93M (46.5%). Distribution: BTC liquidations of $19.66M, ETH liquidations of $8.30M.

Notably, in the past hour, the scale of liquidations reached $44.47 million, with longs accounting for $43.17M (97%), indicating precise short-term targeting of longs during sharp drops; the largest single liquidation was a BTC-USD long position by Hyperliquid, with a liquidation amount of $10.52 million. Looking further back: 4-hour liquidations total $61.84M, 12-hour $132.14M, showing ongoing bearish pressure.

Three macro triggers: ETF continuous outflows, Fed hawkish stance, Warsh succession concerns

1. BTC spot ETF outflows for six consecutive days. SoSoValue data shows that from May 11 to 17, BTC ETF net outflows totaled $1.26 billion, with BlackRock’s IBIT alone absorbing $1.01 billion in outflows; the full-year ETF net inflow has shrunk to just $536 million, compared to the same period last year when IBIT alone attracted significant inflows. The persistent ETF outflows are the most direct macroeconomic explanation for the current downtrend.

2. Overheated CPI data reinforces rate hike expectations. April CPI rose +3.8% year-over-year (market estimate 3.7%), and +0.6% month-over-month (estimate 0.3%), both exceeding expectations; traders are now pricing in no rate cuts in 2026, possibly even rate hikes, with the June 17 Fed meeting expected to hold steady. The hawkish outlook on interest rates directly suppresses the rebound potential of risk assets like cryptocurrencies.

On the US stock front, the S&P 500 (7,473.47, +0.37%) and Nasdaq (26,343.97, +0.19%) both closed higher on May 22, but Bitcoin did not follow the rally, indicating that the crypto market has its own independent capital pressure logic.

$25B SOL, XRP: larger declines, weaker rebound momentum

SOL is currently at $84.32 (24h high $86.52 / low $83.90), down 1.25%, the deepest among the four coins; its 14-day peak was at $97.55 on May 12 09:00, and the bottom was $81.92 on May 23 18:00. It remains about 13.6% below its peak.

XRP is at $1.3408 (24h high $1.3657 / low $1.3352), down 0.75%; its 14-day peak was $1.5371 on May 15 03:01, and the bottom was $1.3091 on May 23 17:00. It is consolidating just above the bottom.

Fear Index 34: climbing out of extreme fear, but the market is not yet at ease

Alternative.me’s Fear and Greed Index today is 34 (Fear), up from 30 yesterday, 25 last week (Extreme Fear), and 33 last month. The rise from the bottom is a positive signal, but 34 still falls within the fear zone, far from the “neutral” (50) level.

Looking back at the past two weeks: on May 15, the passage of the "Clarity Act" drove Bitcoin past its peak of $81,700; enthusiasm waned afterward. On May 19, a single-day liquidation of $840 million and Bitcoin hitting $76K marked a market shift. Now, the market is in a post-shock consolidation phase, with bulls and bears waiting for new directional capital. When ETF outflows will stop and whether CPI will cool next month are the most critical upcoming indicators.