- Bitcoin held near $73,000 but faces downside risk as market pressures persist.
- Spot Bitcoin ETFs posted net outflows of $229 million, extending a nine-day negative streak.
- On-chain metrics show whale balances flat for months, signaling diminished accumulation by large holders.
Bitcoin traded around $73,200 on Thursday after failing to sustain a rebound amid broader cryptocurrency selling. While BTC struggled, U.S. stock futures edged slightly higher after reports of a potential U.S.-Iran agreement to reopen the Strait of Hormuz, which eased some geopolitical risk and supported risk assets outside of crypto.
Bitcoin’s ETF outflows extend negative streak
Spot Bitcoin exchange-traded funds continued to see withdrawals, extending a record nine-day run of net outflows. U.S. spot Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing weekly net outflows to about $1.3 billion.
According to SoSoValue data, this marks the third consecutive week of capital leaving BTC investment products. The persistent outflows have coincided with price pressure on Bitcoin, weakening short-term liquidity and souring market sentiment.
On-chain analytics add further context. CryptoQuant shows major Bitcoin holders have paused accumulation: dolphin balances, which track mid-sized holders, have printed successive lower highs since September 2025, while whale balances have remained largely flat since February 2026. Historically, when both cohorts pause or reduce accumulation at the same time, markets can face extended weakness as demand at higher price levels fades.
What next for Bitcoin price?
Analysts are weighing technical indicators, options-market dynamics, and on-chain signals to assess Bitcoin’s near-term direction. Glassnode noted that Bitcoin recently retested the $75,000 “strike,” a high-gamma zone where options positioning can amplify price moves. That test contributed to the pullback below $73,000, with BTC briefly trading near $72,500.
Data from Greeks.live showed significant options activity ahead of a major expiry: roughly 84,000 BTC options expired with a put-call ratio of 0.88 and a max pain point near $75,000, representing a large notional value. The selloff occurred as market participants adjusted positions into the expiry.
On-chain providers observed that the decline did not fully extend. At-the-money implied volatility spiked briefly during the drop, while longer-dated implied volatilities eased. That pattern suggests many participants viewed the move as contained rather than the start of a structural reversal.
Still, risks remain asymmetric. Options markets imply the potential for larger moves than spot markets have shown so far, leaving room for renewed volatility around future expiries and macroeconomic developments. Analysts at Greeks.live highlighted that the immediate market focus is whether capital will flow back in and whether Bitcoin can reclaim $75,000 (and Ethereum $2,100). They described the recent settlement as resembling a “bearish unwinding,” where large positions expired and risk aversion dominated, leaving bullish sentiment fragile.
From a technical perspective, analysts have flagged $70,000 as a key downside level. A decisive break below that zone could trigger deeper weakness and accelerate outflows from ETFs and other investment products. Conversely, a sustained recovery above $80,000 would likely signal renewed conviction and could attract fresh inflows into both spot products and derivatives markets.
In summary, Bitcoin remains close to $73,000 with notable downside risks driven by ETF outflows, muted accumulation by large holders, and options-related dynamics. Recovery above key resistance levels would help restore confidence, while a break below support could deepen the current correction.