Bitcoin fluctuated around $73,000 on Thursday. Continued outflows from spot ETFs, a slowdown in large on-chain holdings, and a concentration of options expirations continued to weigh on short-term market sentiment.
ETFs have seen net outflows for nine consecutive days.
The US spot Bitcoin ETF saw a net outflow of $229 million on May 28, marking the ninth consecutive trading day of capital withdrawals. According to SoSoValue data, the cumulative net outflow this week is approximately $1.3 billion, potentially marking the third consecutive week of net outflows.
Continued redemptions are eroding short-term liquidity in the spot market and dampening risk appetite. Until funds show a significant return, the sustainability of Bitcoin's rebound remains limited.
- On May 28, there was a net outflow of $229 million.
- This week saw a net outflow of approximately $1.3 billion.
- The period of continuous net outflow has reached 9 trading days.
On-chain major holders' holdings increase stagnates
On-chain data also shows that the accumulation of tokens by major holders has slowed significantly. CryptoQuant points out that medium-sized holding addresses have been consistently hitting lower highs since September 2025, while whale address balances have remained largely flat since February 2026.
This situation typically indicates a weakening of buying pressure at higher levels. When both medium-sized holders and whales cease expanding their positions, the market is more likely to enter a weak consolidation phase.
Options amplify volatility at expiration
Glassnode noted that Bitcoin previously tested the $75,000 level again. This area has a high concentration of options positions, making it prone to amplifying price volatility. BTC subsequently fell back below $73,000, having briefly approached $72,500 during the session.
Greeks.live disclosed that 84,000 BTC options expired on May 29, with a notional value of approximately $6.2 billion; meanwhile, 639,000 ETH options expired, with a notional value of approximately $1.28 billion. Analysts believe this pullback is more likely a concentrated liquidation of long positions than a complete trend reversal.
- The total number of BTC options expiring is 84,000.
- The notional value of BTC options is approximately $6.2 billion.
- The biggest pain point is at $75,000.
Looking at implied volatility for options, short-term volatility rose at one point, but implied volatility for longer maturities declined, indicating that some traders still view this decline as a temporary correction. However, as long as the liquidity situation does not improve, the market may still experience greater volatility as the expiration date approaches and macroeconomic news disrupts the market.
Currently, market attention is focused on two areas: whether ETF funds will resume net inflows and whether Bitcoin can regain the $75,000 mark. A drop below $70,000 could intensify selling pressure; however, a subsequent recovery above $80,000 would be more conducive to attracting funds back into the spot and derivatives markets.
