Bitcoin price outlook amid 9-day streak of ETF outflows

• Bitcoin held near $73,000 but risks crashing lower as risks linger.
• Spot Bitcoin ETFs saw net outflows of $229 million for a nine-day negative streak.
• On-chain metrics show whale balances flat for months, signaling reduced accumulation.

Bitcoin traded near $73,200 on Thursday after failing to sustain a rebound amid broader cryptocurrency selling.

While BTC struggled, US stock futures edged slightly higher following reports of a potential US-Iran agreement to reopen the Strait of Hormuz, easing some geopolitical risk and supporting broader risk assets outside the crypto market.

Bitcoin’s ETF outflows extend negative streak

Spot Bitcoin exchange-traded funds continued to see withdrawals, extending a record nine-day streak of net outflows.

US spot Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing weekly net outflows to roughly $1.3 billion.

According to SoSoValue data, this would mark the third consecutive week of capital leaving BTC investment products.

Notably, the sustained outflows have coincided with price pressure on Bitcoin, undermining short-term liquidity and market sentiment.

On-chain analytics add further nua...