Prediction markets now price a 26% chance Bitcoin falls below $70,000 by May 31 amid ETF outflows and liquidations.
Bitcoin traded at $72,739, down 3% in 24 hours, as traders increasingly bet on a drop below $70,000 by month-end. The cryptocurrency hit a six-week low of $72,669 overnight, pushing prediction market odds for a sub-$70K close up 240% to 27% on Myriad and 26% on Polymarket.
The decline follows $924 million in crypto liquidations, with $851 million from long positions. Analysts cite ETF outflows as a key driver, adding pressure to the already fragile market sentiment. Bitcoin remains just 3.9% above the $70,000 threshold, raising concerns over further downside risk.
Market participants are closely watching liquidation levels and ETF flows as potential catalysts for additional volatility in the near term.