Bitcoin traded near $73,200 on Thursday, struggling to hold onto a rebound as broader cryptocurrency selling continued. The price action comes amid a difficult week for digital assets, though US stock futures edged slightly higher on reports of a potential US-Iran agreement to reopen the Strait of Hormuz, which eased some geopolitical concerns and supported broader risk assets outside crypto.
ETF outflows extend negative streak
Spot Bitcoin exchange-traded funds continued to see withdrawals, extending what is now a record nine-day streak of net outflows. US spot Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing weekly net outflows to roughly $1.3 billion. According to SoSoValue data, this would mark the third consecutive week of capital leaving Bitcoin investment products.
The sustained outflows have coincided with price pressure on Bitcoin, undermining short-term liquidity and market sentiment. On-chain analytics add further nuance. CryptoQuant data indicates that major Bitcoin holders have halted accumulation. Dolphin balances, representing 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 simultaneously pause or reduce accumulation, the market often experiences prolonged weakness as demand at higher price levels fades.
Technical signals point to key levels
Analysts continue pointing to a mix of technical, options-market, and on-chain signals to assess Bitcoin’s near-term direction. Glassnode observed that Bitcoin recently retested the $75,000 “strike,” a high gamma zone where options positioning can amplify price moves. This contributed to the pullback below $73,000, with Bitcoin briefly falling near $72,500.
According to Greeks.live, the selloff occurred ahead of a major options expiry. The on-chain analytics provider noted that the decline failed to fully extend after at-the-money implied volatility briefly spiked during the drop, while longer-dated implied volatilities eased. This suggests many market participants still view the move as contained rather than the beginning of a broader structural trend reversal.
Despite this, risks remain asymmetric. Options markets continue implying the potential for larger moves than spot markets have so far produced, leaving room for renewed volatility around expiries and macroeconomic developments. “The market’s next focus is on whether capital will flow back in, and whether Bitcoin can reclaim $75,000 and Ethereum can retake $2,100,” analysts at Greeks.live noted. “The settlement appears more like a ‘bearish unwinding’ large positions have expired but the fact that both assets are trading below their key resistance levels indicates that the dominant force this week has not been chasing rallies, but rather risk aversion and a retreat by longs.”
Key levels to watch
Technically, analysts have identified $70,000 as a key downside level. A break below that zone could trigger deeper weakness and accelerate outflows. Meanwhile, a sustained recovery above $80,000 would likely signal renewed conviction and could attract fresh inflows into both spot products and derivatives markets. For now, market sentiment remains fragile, and traders are watching for signs of capital returning to the space.
