Liquidations totaled $701 million in the last 24 hours, with the majority coming from a long squeeze.

Per HTX data, Bitcoin dipped below $73,000 on May 28, with a 24-hour decline of 3.52%, and is currently trading at $72,985.

May 28. Today, Bitcoin slipped below $74,000, Ethereum broke below the $2,000 threshold, Solana (SOL) struggled to hold above $80, and HYPE and ZEC pared some of their recent gains. Meanwhile, spot gold and silver tracked the broader global market slump: gold dropped below $4,400 an ounce, and silver fell below $73 an ounce. U.S. stock index futures, plus South Korean and Japanese equities all declined in lockstep. The crypto market couldn’t escape the weak trend, fueled by consecutive outflows from U.S. spot ETFs in recent days. Below are key analysis points compiled by BlockBeats ahead of and during this latest downturn: As Kevin Warsh was formally sworn in as Federal Reserve Chair, kicking off the "Warsh Era," market bets on further Fed rate hikes have surged. CME Group’s FedWatch data shows traders now expect the Fed to raise rates again by 2026, with odds nearing 70% — a sharp reversal from the start of the year, when the market had largely priced in a rate-cut cycle. On the geo

On May 28th, Hyperinsight Monitoring reported that the crypto market saw a short-term downturn, as well-known liquidation address "Big Brother" Huang Licheng’s ETH long position was liquidated again. A total of 3,520 ETH (valued at roughly $7.07 million) was liquidated, nearly clearing out his entire account. But the real hard-hit area in this round of decline was BTC long positions: two high-leverage addresses had positions worth tens of millions liquidated consecutively, both far exceeding the loss of "Big Brother". Details are as follows: Whale Address 0xaea: Liquidated twice, with a total of 208 BTC longs liquidated – approx. $15.3 million in value, leading to a loss of ~$270k, marking the largest single liquidation event across the entire network. Whale Address 0x76d: Before hitting the liquidation price, the address manually closed positions four times, ending up with total liquidation of 497 BTC longs (valued at around $31.9 million) and a loss of roughly $460k. Addresses: 0

May 28 update: Per Farside Investors’ monitoring, Bitcoin ETFs saw a net outflow of $733.4 million yesterday, with IBIT posting a net outflow of $527.8 million. For Ethereum ETFs, net outflows hit $67.1 million, with ETHA accounting for $65.1 million of that total.

Xinhua News Agency, May 28 — Iran's Islamic Revolutionary Guard Corps (IRGC) Public Relations Department announced on May 28 that earlier that same day, the U.S. military launched an airstrike against a location on the outskirts of Bandar Abbas. In response, the IRGC carried out a strike targeting the U.S. Air Force base that launched the initial attack.

May 28th — U.S. President Donald Trump took to Truth Social to announce he’ll lead efforts to build a “forward-looking” digital asset market structure. He slammed former SEC Chair Gary Gensler and what he called the “anti-crypto army” for pushing Bitcoin, crypto perpetual contracts, and crypto innovation overseas. Trump vowed, “Under my leadership, we will enshrine a set of ‘forward-looking’ digital asset market regulations into law that crypto haters cannot overturn. The new frontier of finance is being built in the United States, and ‘Trump’ will never disappoint the crypto industry!” At the time of his remarks, the Clarity Act — a bill designed to establish a comprehensive regulatory framework for digital assets — cleared the Senate Banking Committee in early May after months of delays tied to debates over stablecoin rules and other sticking points. However, analysts note the legislation still faces major hurdles before becoming law. Benchmark analyst Mark Palmer explained that the