Bitcoin Tumbles to Two-Week Low Below $77,000 as Bullish Bets Unwind

Bitcoin dropped to $76,711 on Monday, its lowest since May 1, as escalating US-Iran tensions and a stalled reopening of the Strait of Hormuz drove a broad retreat from risk assets, Bloomberg reports. Nearly $550 million in bullish crypto positions were liquidated within a four-hour window during early Asia trading, according to Coinglass data. US-listed spot Bitcoin ETFs recorded more than $1 billion in net outflows last week, the first such weekly drawdown since late January.