The crypto market was hit by a sharp liquidation wave on May 28. According to Coinglass data cited in market reports, exchanges force-closed more than $500 million in leveraged positions within a few hours, while total 24-hour liquidations exceeded $900 million. The pain was concentrated among bullish traders: of roughly $930 million in daily liquidations, about $870 million came from long positions.

Bitcoin briefly fell below $72,700, while Ethereum dropped to around $1,970, marking their lowest levels since early April. Nearly all major tokens in the top 100 traded lower, with some losing as much as 14% over 24 hours. The size of the liquidation cascade suggests the market had become heavily tilted toward long exposure. Once key levels broke, forced selling amplified the move.

ETF flows added to the pressure. SoSoValue data cited by The Block showed U.S. spot Bitcoin ETFs recorded $333.7 million in net outflows on May 27, extending their negative streak to seven trading days. That points to weaker institutional support just as leverage was being flushed out. The main takeaway is that the selloff was not only news-driven; it was also a technical deleveraging event. Until ETF demand stabilizes and BTC reclaims key levels, volatility may remain elevated.