Bitcoin $73,400 weak market, unable to shake off lows, bears get squeezed with 193 million liquidation

June 1, 2026, morning session, the four major cryptocurrencies all declined slightly. Bitcoin is currently quoted at $73,602, just a step away from the 14-day low of $72,785 on May 29, with the sideways low-price pattern unchanged. Over the past 24 hours, the entire network experienced liquidations totaling $193 million, with short positions nearly being squeezed out during the recent period. On the macro front, Bitcoin spot ETF net outflows in May exceeded $2.3 billion, and the Federal Reserve remains on hold due to persistent PCE inflation, with the Fear and Greed Index falling to 29 (Fear). Subsequent focus will be on the CPI data on June 10 and the FOMC dot plot on June 16-17.
(Background: Bitcoin plummeted to $72,582, hitting a 14-day low; 152k traders liquidated, totaling $755 million; nearly 90% of positions wiped out)
(Additional background: Swan Bitcoin CEO refutes the claim that "institutions dominate Bitcoin": ETF holders are mostly retail investors)

Table of Contents

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• $193 million liquidated in 24 hours, shorts nearly squeezed out
• Three major pressures: ETF outflows, Fed on hold, US stocks diverging
• SOL and XRP decline simultaneously
• Fear Index at 29: Waiting for CPI and FOMC to set the direction

Bitcoin, after hitting a 14-day low of $72,785 on May 29, failed to rebound effectively. As of 9:13 a.m. Taipei time today (1st), BTC is quoted at $73,602.28, down -0.72% in 24 hours. The intraday range is compressed between $73,400 and $74,275, still over 5.6% below the nearly two-week high of $77,998 on May 21. The short-term sideways low-price pattern shows no signs of reversal.

Ethereum also remains weak, currently at $2,006.89 (-1.06%), struggling within the range of $1,993 to $2,038, about 1.6% above the 14-day bottom of $1,974.80 on May 28. All four major cryptocurrencies are slightly down, with market sentiment cautious.

$193 million liquidated in 24 hours, shorts nearly squeezed out

According to CoinGlass data, total liquidations across the network in the past 24 hours reached $193 million ($192.95M). Notably, after breaking down recent structures, shorts suffered more losses: nearly $67.24 million in liquidations over the past 4 hours, while longs only $17.32 million; in the last hour, shorts liquidated at $35.74M versus longs at $9.16M. This indicates a brief short squeeze during trading, but the rebound strength remains insufficient to reverse the low-price pattern.

Three major pressures: ETF outflows, Fed on hold, US stocks diverging

The current weakness of Bitcoin is driven by three structural factors.

1. Spot ETF outflows for consecutive months. Bitcoin spot ETF net outflows in May totaled about $2.3 billion, the largest monthly outflow since 2026; previous reports indicated ETF experienced "nine consecutive days of net outflows totaling $2.8 billion," with funds shifting to AI, semiconductors, and other sectors, leaving the crypto market short of short-term incremental buying support.

2. No rate cut expected from the Fed. The Federal Reserve maintained the benchmark interest rate at 3.50% to 3.75% in April. US April PCE inflation surged to 3.8%, with core inflation remaining sticky. Fed officials recently warned that energy inflation might force further rate hikes. The market widely expects the FOMC to remain on hold in June, with key dates being June 10 for the May CPI release and June 16-17 for the FOMC decision and latest dot plot.

3. US stocks hitting new highs, crypto diverging sharply. US stocks closed at new all-time highs on May 29: S&P 500 at 7,580.06 (+0.22%), Nasdaq at 26,972.62 (+0.2%, up 8% in May), Dow at 51,032.46 (+0.72%). Tech stock valuations continue to inflate, but the valuation gap between Bitcoin and Nasdaq has widened to record highs. Some analysts (Bitwise) believe Bitcoin has room for a rebound in the second half of the year.

SOL and XRP decline simultaneously

Solana is currently at $82.39 (-0.75%), within the range of $81.33 to $83.42 over the past 24 hours, not far from the 14-day bottom of $80.62 on May 28, with limited rebound momentum. XRP is at $1.3314 (-0.78%), within $1.3210 to $1.3484 today, about 4.9% below its peak of $1.40 on May 18, with no clear catalysts in the short term.

Fear Index at 29: Waiting for CPI and FOMC to set the direction

The Fear and Greed Index is currently at 29 (Fear), indicating a notably cautious market sentiment. The divergence between US tech stocks reaching new highs and crypto remaining weak is unlikely to self-correct in the short term, and capital flow divergence may persist.

The two most critical upcoming dates are: June 10 for the US May CPI data, where higher-than-expected inflation could further reduce rate cut expectations; and June 16-17 for the FOMC decision and latest dot plot, which will directly influence the risk asset trajectory.