Bitcoin slides 4% to $72,800 as two-month winning streak faces collapse

Bitcoin fell 4% to $72,800 on Thursday, putting its two-month streak of monthly gains at risk as macro uncertainty and sustained ETF outflows weighed on prices.

"Nobody cares about bitcoin right now, and you just love to see it," analyst James Check said earlier this week. "Anger, annoyance, disappointment, it's all happening right now."

Spot bitcoin ETFs have recorded seven consecutive trading days of outflows, with $1.315 billion exiting last week alone — the largest weekly outflow of 2026, according to CoinShares. A dark pool transaction involving $1.29 billion of BlackRock's IBIT added to the selling pressure. The Coinbase Bitcoin Premium Index fell to -160, its lowest since early February when bitcoin bottomed near $60,000.

The $72,000 level now represents the next key support, with a break below that opening the path toward $70,000 and potentially the cycle low near $60,000, according to technical analysts. Resistance sits at $77,000, the level that previously acted as support before breaking down this week.

The outflows extend beyond bitcoin. Digital asset investment products saw $1.47 billion in total outflows last week, the third-largest weekly total of 2026, CoinShares data shows. Ethereum ETFs contributed $223 million to the total. The risk-off move has been attributed to ongoing geopolitical tensions related to the Iran conflict, with outflows spanning the U.S., Switzerland, Canada and Hong Kong.

Despite the bearish price action, large holders have continued accumulating. Whales purchased over 30,000 bitcoin in May alone, valued at more than $2 billion, according to on-chain data. Combined with April's purchases, whales have poured more than $6 billion into bitcoin this year, suggesting strong conviction at current levels among long-term holders. Open interest in bitcoin futures has also been steadily increasing, indicating traders are gradually returning to the market even as social volumes remain depressed.

The Federal Reserve's preferred inflation gauge, the PCE price index, rose 3.8% year-over-year in April, the highest since May 2023, reducing expectations for rate cuts in 2026. The 10-year Treasury yield held above 4.45%, while the U.S. dollar index remained elevated, creating a challenging backdrop for risk assets including cryptocurrencies. Deribit's bitcoin DVOL index sits at 36, near multi-year lows, while ethereum volatility has fallen to its first percentile. Despite the low implied volatility, options positioning shows elevated demand for downside protection, reflecting an undercurrent of nervousness among traders.

This article is for informational purposes only and does not constitute investment advice.