- Bitcoin stayed close to $73,000 but risks falling slowly if risks continue.
- Spot Bitcoin ETFs gained $229 million over nine days.
- On-chain metrics show whale measurements over several months, indicating a decline in abundance.
Bitcoin traded at around $73,200 on Thursday after failing to maintain currency amid a massive sell-off in the cryptocurrency.
While BTC struggled, US stock futures rose slightly following reports of a US-Iran deal to reopen the Strait of Hormuz, reducing political risk and supporting risky economies outside of the crypto market.
The emergence of Bitcoin’s ETF adds to the confusion
Spot Bitcoin exchanges continued to see withdrawals, extending a record nine-day losing streak.
US spot Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing net weekly outflows to nearly $1.3 billion.
According to SoSoValue data, this would be the third week in a row of currencies leaving BTC trading.
Of course, the constant outflows have coincided with pressure on Bitcoin prices, short-term spending and market sentiment.
On-chain analytics add more to the picture. CryptoQuant’s data shows that the largest Bitcoin holders have stopped accumulating.
Dolphin scales, which represent the average, have recorded consecutive lows since September 2025, while whale scales have remained flat since February 2026.
In the past, when both groups relax at the same time or reduce the volume, the market is usually weak for a while as the demand for higher prices decreases.
Next is the price of Bitcoin?
Analysts continue to report a mix of technical, market-options, and on-chain signals to determine Bitcoin’s near future.
Glassnode noted that Bitcoin recently attempted to “hit” the $75,000 level, a high point where options can increase price movements. This helped push it below $73,000, with BTC briefly falling near $72,500.
According to Greeks.live, the selloff happened before the deadline.
May 29 Options Expired
84,000 BTC options ended, with a put-call rate of 0.88, a maxpain point of $75,000, and a market value of $6.2 billion.
Options for 639,000 ETH were completed, with a put-call ratio of 0.81, a maximum point of $2,200, and a strike price of $1.28… pic.twitter.com/NNnFMy3tgx– Greeks.live (@GreeksLive) May 29, 2026
Analysts continue to report a mix of technical, market-options, and on-chain signals to determine Bitcoin’s near future.
Glassnode noted that Bitcoin recently attempted to “hit” the $75,000 level, a high point where options can increase price movements. This helped push it below $73,000, with BTC briefly falling near $72,500.
According to Greeks.live, the selloff happened before the deadline.
The on-chain analytics provider noted that the decline did not widen enough after a short period of volatility in currency (ATM IV) during the downturn, while long-term volatility eased. This shows that many market participants still see the move as a status quo rather than the start of a systemic change.
Despite this, risks remain asymmetric. Options markets continue to show greater potential than the public markets have produced thus far, leaving room for temporary volatility in post-employment and economic growth.
“The result of the market is to see if the currency will return, and if BTC can recover $ 75 000 and ETH can take back $ 2 100. The stabilization looks like a “rest of the bear” – the main positions are over – but the fact that BTC and ETH are trading below their resistance levels shows that they are in control, but they are not risk-averse this week. The market sentiment here is very weak,” researchers at Greeks.live said.
Technically, professionals will earn $70,000 as the most important part.
Breathing below that zone can cause severe weakness and accelerate the flow. At this point, a recovery above $80,000 would show renewed enthusiasm and could attract new entries into the commodity and derivatives markets.
