U.S. spot exchange-traded funds (ETFs) have recorded their longest outflow streak since launching in January 2024. Investors withdrew around $3 billion from these products over ten consecutive trading sessions.
Bitcoin traded in a sideways range on Saturday after falling to a seven-week low near $72,000 in the previous session, pressured by unresolved tensions between the United States and Iran and weaker demand for exchange-traded funds (ETFs).
Bitcoin ($BTC) is ending May under pressure from sellers: attempts to rise are quickly suppressed. Record outflows from spot funds and uncertainty in external markets are keeping the price near key support levels.
The Bitcoin market is approaching one of the largest options expiries of recent months in a tense state. The price of $BTC has dropped below $74,000, while sellers have gained a noticeable advantage ahead of the settlement of around $9 billion in options. Against this backdrop, market participants are increasingly discussing the possibility of a new decline toward the psychological $70,000 mark.
Ethereum has fallen below $2,000 for the first time in several months, but retail investors do not appear to be showing much alarm yet. According to analysts, Ethereum has entered a decisive breakout phase of its main technical structure. If selling pressure continues, the next downside target could be the $1,750 area.
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
U.S. spot bitcoin ETFs have now recorded nine consecutive trading days of net outflows, marking the longest withdrawal streak since the products listed in January 2024. SoSoValue data
Bitcoin is trading near $73,000 as charts from Man of Bitcoin and CW show $BTC at a short-term decision point. One setup warns that bullish momentum is weakening, while the other shows shorts closing as selling pressure starts to fade.
Bitcoin recovered to the $74,000 level on Friday after falling to an almost seven-week low in the previous session, as reports that the United States and Iran are close to extending a ceasefire agreement improved appetite for risk assets.
Data shows the crypto derivatives market has suffered a massive amount of liquidations following the plunge that Bitcoin, Ethereum, and other assets have seen.
Another day, another crypto market price drop, and another $900+ million in liquidations in the derivatives market. Unlike the previous weekend’s mass liquidations, ZCash [$ZEC] bulls were unable to shrug this hit off.
Bitcoin’s uptrend against gold, which had lasted for the past three months, was interrupted as investors began to prefer the precious metal as a store of value.
On Thursday, Bitcoin fell below the $73,000 mark, reaching its lowest level in more than six weeks, as new U.S. military strikes on Iran undermined risk appetite and triggered a wave of selling across cryptocurrency markets.
BlackRock's iShares Bitcoin Trust shed $527.84 million on Wednesday, the second-largest single-day net outflow since the fund launched in January 2024, per SoSoValue data.
Bitcoin dropped $1,600 in 60 minutes on Wednesday, falling below $73,000 for the first time in weeks. Ethereum fell to $1,978, down 4.42% on the day. XRP dropped to $1.28, down 3.56%. The total crypto market cap declined 2.97% to $2.45 trillion.
On Wednesday, Bitcoin’s price showed downward momentum, falling below the $75,000 mark and trading at $74,570 at the time of writing. This decline led to a loss of nearly 3% of its weekly value and once again pushed its market capitalization below $1.5 trillion.
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