TLDR
- Bitcoin dropped from $80,000 to below $77,000, hitting a monthly low of $76,020
- The Coinbase premium fell to -0.0983%, its lowest this month, signaling institutional selling
- Bitcoin spot ETFs saw $1.3 billion in outflows over four consecutive days
- Around 104,013 traders were liquidated in 24 hours, totaling $257.67 million
- Geopolitical tensions involving Iran added to broader market uncertainty
Bitcoin has fallen roughly 4.5% over the past week, sliding from above $80,000 to a monthly low just above $76,000. At the time of writing, BTC is trading at around $77,621, down 38% from its all-time high in October.
The drop has come alongside a wave of liquidations. According to CoinGlass, around 104,013 traders were liquidated within 24 hours, with total liquidations reaching $257.67 million. Binance recorded the largest single Bitcoin liquidation order, valued at $3.04 million.
Ethereum also slipped below $2,300, and XRP fell under $1.40, showing the pressure was not limited to Bitcoin alone.
Institutional Selling Intensifies
A key signal of institutional behavior, the Coinbase premium, has fallen to its lowest level this month at -0.0983% on May 21. The metric measures the price difference between Coinbase, preferred by US institutions, and Binance, used more by retail traders.
CryptoQuant analyst Darkfost said institutional selling pressure “has intensified recently,” with professional investors on Coinbase “selling more aggressively than investors trading on Binance.” He added that macro uncertainty appears to be “pushing institutions toward hedging strategies while waiting for greater clarity.”
🔴 Institutional selling pressure has intensified recently.
The Coinbase Premium Index continues to sink deeper into negative territory.
[💡 This is an adapted version designed for very short term analysis using an hourly timeframe. It is also a volume weighted version, helping… pic.twitter.com/DXQ0MLpxGN
— Darkfost (@Darkfost_Coc) May 21, 2026
LVRG research director Nick Ruck said the decline may reflect “net selling pressure from larger holders,” suggesting institutions are taking profits or repositioning.
Analyst Axel Adler described the data as showing “zero confirmation from US spot demand.”
US spot Bitcoin ETFs have seen four consecutive days of outflows totaling $1.3 billion since May 14. Ethereum spot ETFs have also recorded eight straight days of net outflows, shedding $28.14 million on May 20 alone.
Crypto ETF Flows — May 21 📊$BTC: -$101M net outflows$ETH: -$33M net outflows$SOL: +$4M net inflows
Bitcoin and Ethereum funds stayed negative, while Solana quietly remained the bright spot 👀 pic.twitter.com/GJPM7PL8vq
— CoinCentral (@realcoincentral) May 22, 2026
Technical Levels and Geopolitical Pressure
Analyst Ted Pillows noted that while BTC broke above $78,000, “spot demand isn’t strong at all.” He suggested Bitcoin could rally toward $79,500–$80,000 as short positions are being closed, but warned the downtrend may continue if spot demand stays weak.
$BTC broke above the $78,000 level today.
But the spot demand isn't strong at all.
Despite that, Bitcoin could rally towards $79,500-$80,000 as shorts are being closed now.
After that, BTC will likely continue its downtrend if spot demand continues to weaken. pic.twitter.com/cjgnFHxXJW
— Ted (@TedPillows) May 21, 2026
On-chain data shared by analyst Ali Charts showed that 9,664 BTC, worth over $744 million, were sent to exchanges over five days — a move often associated with selling intent.
Geopolitical tensions between Iran and the United States also weighed on markets. Oil prices surged over 4% after Iran’s supreme leader reportedly rejected plans to move enriched uranium out of the country. Investors moved away from riskier assets in response.
Bitcoin is currently consolidating above $77,200 with resistance at $78,000. Key support sits at $76,200, with the next major level at $74,200.
