Bitcoin plunges below $76,400, bulls get wiped out as 100,000 traders liquidated for $338 million.

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Bitcoin has been sliding since its peak of $79,321 on April 23, hitting a low of $76,460 on the morning of April 28. ETH simultaneously plunged from $2,400 to $2,266, losing the $2,300 integer support level. Across the market, $338 million was liquidated in 24 hours, affecting over 97,943 people, with long positions accounting for 81.9% of the carnage. The Fear & Greed Index dropped overnight from a neutral 47 back to a fearful 33, as wait-and-see sentiment ahead of the FOMC meeting and stalled US-Iran negotiations accelerated the flight of risk-averse capital from the crypto market. (Previous coverage: Flash: Bitcoin plunges below $77,000, Ethereum loses $2,300, $450 million liquidated across the network in 24 hours) (Background: Iran proposes a three-stage agreement to "unblock ports in exchange for a ceasefire," but nuclear negotiations remain the final hurdle) The good days for the bulls are over. After climbing to a two-week peak of $79,321 on April 23, Bitcoin has been bleeding out. Binance quotes at 9:00 AM on April 28 show that the 24h high of $79,438 is now a thing of the past, with the price hitting a low of $76,460 and currently trading at $77,357, a 24-hour decline of -2.58%. The situation for Ethereum is even worse: it plummeted from yesterday's intraday high of $2,400 to a low of $2,266, breaking through the $2,300 integer mark. It is currently trading at $2,307, down -3.77% in 24 hours. The broad-based decline has caught many leveraged bulls off guard. CoinGlass data shows that total market liquidations reached $338 million ($337.88M) over the past 24 hours, with 97,943 people liquidated. By position type, long liquidations totaled $276.63M, while short liquidations were only $61.24M. The bulls bore 81.9% of the losses, becoming the primary victims of this sell-off. In terms of timing, $207.71M in liquidations occurred in the first 12 hours, with long positions accounting for $170.27M (also 81.9%), indicating that the main damage was concentrated from late last night to this morning. Liquidations in the last hour were only $2.38M, with slightly more short liquidations, suggesting a brief respite in the short-term downtrend. The largest single liquidation occurred on the Binance BTCUSDT contract, valued at $7.69M. At least three forces are fueling this sharp decline. First is the wait-and-see pressure surrounding the FOMC meeting. The Fed is holding a policy meeting from April 28 to 29, with results to be announced in the early hours of April 30 (Taiwan time). Polymarket currently shows a 99.9% probability of rates being held steady at 3.50%–3.75%. However, the market is not worried about a rate hike, but rather that Powell might adopt a hawkish stance in his final meeting before stepping down on May 15—especially since March CPI returned to 3.3% YoY and Q4 GDP was only 0.5%. With the shadow of stagflation lingering, any hawkish signal could weigh on risk assets. Second is the escalation of geopolitical risks. The US-Iran nuclear negotiations, which were hoped to be mediated by Pakistan, have reached a stalemate. Tensions in the Strait of Hormuz are rising, and international oil prices briefly surged to $107 per barrel. Risk aversion has spiked, with capital shifting toward physical commodities, leaving the crypto market under pressure. Third is the concern over ETF buying. Bitcoin spot ETFs saw a cumulative inflow of $2.43 billion in April (total cumulative inflows reached $55.9 billion). While the numbers look impressive, some analysts point out that ETF buying is acting as "exit liquidity"—providing an exit window for short-term holders rather than bringing in genuine long-term capital. Other major coins are also weakening: Solana is currently at $84.77, down -3.27% in 24 hours, with a 24h low of $8

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