Bitcoin Slides Under $73K as ETF Outflows Trigger Fresh Market Pressure

28. May 2026 Posted by Bailey S. on News

Bitcoin dropped below the $73,000 mark early Thursday as digital asset markets faced renewed selling pressure following a major wave of withdrawals from U.S. spot Bitcoin exchange-traded funds.

The leading cryptocurrency declined 3.6% over the past 24 hours, trading near $72,842 during early Asian hours. The broader crypto market also weakened, with Ethereum falling 4.8% to around $1,974, XRP sliding 3.5%, and Solana shedding 3.6%.

Market participants pointed to a combination of profit-taking, elevated Treasury yields, and mounting geopolitical concerns as key drivers behind the downturn. Analysts said traders have become increasingly cautious after Bitcoin failed to maintain momentum above recent highs.

Some observers also noted that capital appeared to rotate away from crypto and into traditional equity markets, while cascading liquidations in derivatives markets intensified losses once major support levels for Bitcoin and Ethereum were breached.

Bitcoin’s recent performance has also diverged from broader risk assets. Despite strength in major U.S. stock indices earlier this month, Bitcoin has gradually trended lower since mid-May, with ongoing ETF outflows weighing heavily on sentiment.

U.S.-listed spot Bitcoin ETFs collectively recorded more than $733 million in net outflows on Wednesday, marking the largest daily withdrawal since late January. BlackRock’s IBIT accounted for the majority of the redemptions, while several other major funds also posted sizable losses. Only one fund managed to attract modest positive inflows during the session.

The selling pressure reportedly stemmed from institutional de-risking and the unwinding of basis trade positions, with traders also reacting to a massive block trade involving IBIT shares earlier in the week.

Investors are now closely watching whether Bitcoin can maintain support around the $70,000 level. Continued ETF weakness could signal further institutional caution toward crypto exposure in the near term.

Meanwhile, traditional markets in Asia also opened lower on Thursday after renewed military strikes between the U.S. and Iran added to global uncertainty. Hong Kong’s Hang Seng Index and Japan’s Nikkei 225 both posted notable declines during the trading session.