- Bitcoin has stabilized near $73,000 but is vulnerable to a collapse as risks persist.
- Spot Bitcoin ETFs saw net outflows of $229 million in a negative nine-day streak.
- Gauges on the chain show that whale stocks have remained steady for several months, indicating a reduced buildup.
Bitcoin traded near $73,200 on Thursday after failing to sustain the recovery amid a widespread cryptocurrency sell-off.
While Bitcoin struggled, US stock futures rose slightly after reports of a potential US-Iranian agreement to reopen the Strait of Hormuz, easing some geopolitical risks and supporting broader risk assets outside the cryptocurrency market.
Outflows from Bitcoin ETFs extend a negative line
Bitcoin exchange-traded funds continued to see withdrawals, continuing a record nine-day streak of net outflows.
US Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing weekly net inflows to nearly $1.3 billion.
According to SoSoValue data, this marks the third week in a row that capital has left BTC investment products.
Notably, the ongoing outflows have coincided with price pressure on Bitcoin, undermining short-term liquidity and market sentiment.
On-chain analytics add more nuance to the picture. CryptoQuant data indicates that major Bitcoin holders have halted accumulation.
Dolphin stocks, which represent medium-sized holders, have recorded successive lows since September 2025, while whale stocks have remained largely flat since February 2026.
Historically, when both groups stop or reduce accumulation simultaneously, the market often experiences prolonged weakness as demand fades at higher price levels.
What’s next for Bitcoin price?
Analysts continue to point to a combination of technical, options market, and on-chain signals to assess Bitcoin’s near-term direction.
Glassnode noted that Bitcoin recently retested the $75,000 “strike,” a high gamma area where options positioning can amplify price movements. This contributed to a pullback below $73,000, with Bitcoin briefly falling near $72,500.
According to Greeks.live, the sell-off occurred before the main options expired.
May 29 options expiration data
84,000 Bitcoin options have expired, with a put ratio of 0.88, a cap point of $75,000, and a notional value of $6.2 billion.
639,000 ETH options expired, with a put ratio of 0.81, a cap point of $2,200, and a notional value of $1.28… pic.twitter.com/NNnFMy3tgx– Greeks.Live (@GreeksLive) May 29, 2026
Analysts continue to point to a combination of technical, options market, and on-chain signals to assess Bitcoin’s near-term direction.
Glassnode noted that Bitcoin recently retested the $75,000 “strike,” a high gamma area where options positioning can amplify price movements. This contributed to a pullback below $73,000, with Bitcoin briefly falling near $72,500.
According to Greeks.live, the sell-off occurred before the main options expired.
The on-chain analytics provider noted that the decline failed to fully expand after at-the-money implied volatility (ATM IV) rose briefly during the decline, while longer-term implied volatility declined. This suggests that many market participants still view this move as a taboo rather than the beginning of a broader structural trend reversal.
However, the risks remain asymmetric. Options markets continue to indicate the potential for larger moves than spot markets have produced so far, leaving room for renewed volatility around expiration and macroeconomic developments.
“The next market focus is on whether capital will flow again, whether BTC can reclaim $75,000 and ETH can reclaim $2,100. The settlement looks more like a ‘bearish unwind’ – large positions have expired – but the fact that both BTC and ETH are trading below key resistance levels suggests that the dominant force this week has not been chasing highs, but rather chasing risk aversion and pullbacks in long positions. Grex.Live noted that the situation is very fragile at the present time.
Technically, analysts have identified $70,000 as a major bearish level.
A break below that area could lead to deeper weakness and accelerated outflows. Meanwhile, a sustained recovery above $80,000 would likely signal renewed conviction and could attract new flows into the spot and derivatives markets.
