Bitcoin Sinks to $72K as ETF Outflows Hit Prices

Bitcoin Hits Six-Week Low at $72,000

Bitcoin (BTC) slumped to around $72,000, its weakest since mid-April, after BlackRock's BTC vehicle registered a $1.3 billion exit. US-listed Bitcoin ETFs logged their eighth straight day of outflows, the longest losing streak since December.

ETF Exodus Hits Bitcoin Hard

Bitcoin slid to a six-week low near $72,000 Thursday, briefly touching $72,500 as traders dumped risk assets and crypto ETFs saw massive outflows. Ether also fell more than 4% as the broader crypto market turned defensive. Last week alone saw $1.26 billion pulled from Bitcoin ETFs, marking the second straight week with billion-dollar exits.

BlackRock Whale Makes Waves

The biggest punch came from BlackRock's IBIT fund, which saw a massive dark-pool transaction involving 29 million shares worth roughly $1.29 billion. BlackRock's Bitcoin ETF posted $527.8 million in outflows on May 27 alone, its largest single-day withdrawal since launch. This reversal signals slowing institutional demand.

Macro Jitters Join the Party

Higher bond yields, sticky inflation, and uncertainty around interest rates are making speculative assets less attractive. Bitcoin doesn't pay yield, so when safer assets suddenly do, the orange coin loses some shine. Technical traders are watching whether the $72,000 zone can hold, as a break could trigger momentum selling.