Crypto-backed PACs spend over $3 million in Maryland primaries

Bitcoin faced a sharp selloff this week, tumbling roughly 9% in 48 hours and testing the $67,000 support level as ETF outflows and macro risks weighed on sentiment. U.S.-listed spot Bitcoin ETFs saw a $2.1 billion net outflow between May 12–20, futures-premium readings remained subdued (<4% annualized), and about $1.5 billion of leveraged long positions were liquidated, amplifying the decline. Market pressure was compounded by shifts in corporate demand (Michael Saylor’s firm paused steady BTC buys) and a rotation of capital into AI-focused equities, while rising odds of a Fed rate hike and geopolitical concerns further dampened risk appetite. Separately, crypto-backed PACs (e.g., Protect Progress) funneled millions into U.S. primaries, underscoring political risk and regulatory stakes for the sector.