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Bitcoin: May 31 overview — whale exodus, ETF outflows, and the battle for $74,000
- Bitcoin is trying to secure a position above the $74,000 mark.
- Support levels are $71,000 and $72,400; resistance is in the $74,400–77,000 range.
- The main driver of capital moving away from risk remains geopolitical tension and the Federal Reserve’s conservative approach.
- Daily range: $73,858–74,275.
- A 10-day streak of ETF outflows has been recorded, with total withdrawals reaching almost $3 billion.
What happened to Bitcoin’s price over the past day
Bitcoin ($BTC) is ending May under pressure from sellers: attempts to rise are met with aggressive selling, while quotes are consolidating near $74,060.
Four-hour $BTC/USDT chart on Binance. Source: TradingView.
The derivatives market is relatively calm. According to Coinglass, positions of 57,933 traders worth a total of $94.2 million were liquidated over the past 24 hours.
Shorts slightly prevail over longs in the liquidation structure. Source: Coinglass.
The popular market sentiment indicator has returned to the “fear” zone, gaining five points.
Market sentiment indicator values rose slightly. Source: Alternative.
Asset selling also continues at the institutional level. According to SoSoValue, U.S. spot Bitcoin ETFs have recorded the longest outflow streak in their history: the funds have been losing capital for 10 consecutive trading days, with total withdrawals approaching $3 billion.
Outflows from spot Bitcoin ETFs. Source: SoSoValue.
Main influencing factors
Uncertainty around the U.S.-Iran conflict continues to pressure markets. According to analyst Darkfost, major capital is sticking to strict risk management amid instability.
Stablecoin inflows from “millionaire whales” to Binance have halved — from $62 billion to $33 billion per month. Without clarity in geopolitics, major players prefer to remain out of the market.
Dynamics of “whale” stablecoin inflows to Binance. Source: Darkfost.
Coin Bureau experts, citing CryptoQuant data, point out that the largest Bitcoin holders have stopped buying.
Whale balances have been stagnating since February, while portfolios of smaller institutional investors have been showing lower highs since September last year. Historically, a simultaneous pause in buying by both groups has preceded price weakness.
Analyst Mister Crypto notes a steady decline in Bitcoin demand indicators on the charts. In his view, price follows demand, and until this metric returns to the “green zone”, the bearish scenario remains in force.
Bitcoin price and demand dynamics. Source: Mister Crypto.
Technical picture and key levels
Trader Michaël van de Poppe believes Bitcoin is at a decisive level. Unlike the February sell-offs, the current market structure requires support around $71,000 to hold — this is the condition needed to prevent a deep drawdown.
Key Bitcoin price levels. Source: Michaël van de Poppe.
If the $71,000 level fails to hold, the next target for sellers will be the 200-day moving average near $61,000. According to van de Poppe, a drop into the $61,000–65,000 range should not be seen as a catastrophe: for long-term investors, it would be an attractive entry point.
If current levels hold, bulls will need to overcome resistance at $76,600. A breakout above this mark would open the way to new all-time highs and would likely trigger an altcoin rally.
Despite the overwhelming negativity, analysts at Alphractal remind that a plunge in sentiment into the extreme fear zone has historically signalled proximity to a local bottom. In their view, the current period may become a convenient point for accumulating positions ahead of the next bull rally.
