bullish

Bitcoin ETF

Bitcoin

Drops

Billion

<h2 id="bitcoin-breaks-below-78k-as-leveraged-longs-take-the-hit">Bitcoin Breaks Below $78K as Leveraged Longs Take the Hit</h2>
Bitcoin (<a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a>) slid 3.2% to near $78,000 during Asian trading hours on Saturday, erasing the gains built over the prior week. The move was swift enough to trap a large cluster of leveraged buyers, setting off a cascade of forced closures across derivatives markets.
According to CoinGlass data, <cite>total liquidations over the 24-hour period reached roughly $573 million, with long positions accounting for the vast majority, around $546 million.</cite> That long-skewed breakdown reflects how heavily bullish the market had become heading into the weekend, leaving it exposed once selling pressure took hold. <cite>The event triggered the unwinding of highly leveraged long positions, creating a feedback loop: slipping prices triggered stops, which pushed prices lower.</cite>
<cite>On the 24-hour chart, Bitcoin recorded a low of $77,630 and a high of $79,516 before closing around $77,800.</cite><cite>The breach of the $80,000 zone turned previous support into resistance, confirming bearish momentum in the short term.</cite>
<h2 id="altcoins-feel-the-pressure-across-the-board">Altcoins Feel the Pressure Across the Board</h2>
The sell-off was not confined to Bitcoin. <a href="https://x.com/search?q=%24SOL&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SOL</a> dropped 5%, <a href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XRP</a> fell 4.3%, and <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a> declined 3.3% over the same period, reflecting broad risk-off sentiment across the market.
The downturn also coincided with renewed pressure from spot Bitcoin ETF outflows. <cite>Weekly outflows from U.S.-listed Bitcoin ETFs hit their highest levels in months, recording a net outflow of $1 billion for the week ended May 15, 2026, per data compiled by SoSoValue. This represents a complete reversal from six successive weeks of inflows, reflecting weakening institutional interest.</cite>
<cite>CoinGlass data from May 14 showed an estimated $1 billion of long positions on major exchanges could be liquidated if Bitcoin falls below $78,000,</cite> a level that has now been tested. <cite>If Bitcoin slides below that threshold, forced closures of long positions could add sell pressure at the same time spot demand is already weakening,</cite> potentially turning an ordinary pullback into a sharper deleveraging move.
For now, traders are watching whether the $78,000 area can hold as a base or whether further downside opens toward the late-April lows. The next meaningful resistance sits near $82,400, Bitcoin's 200-day moving average.
Sources: <a href="https://www.cryptotimes.io/2026/05/16/bitcoin-drops-to-78k-wipes-out-80-billion-in-two-days/" rel="noopener noreferrer nofollow">Crypto Times: Bitcoin Drops to $78K, Wipes Out $80 Billion in Two Days</a> <a href="https://www.mexc.com/news/1093170" rel="noopener noreferrer nofollow">MEXC News: Bitcoin Traders Brace for $1 Billion Liquidation Trap</a> <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass: Real-Time Crypto Liquidation Data</a>

Bitcoin to $78K wipes out $552M in leveraged longs overnight

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