Bitcoin Price Falls 5.5% In 5 Days To Below 73,000

Bitcoin dropped more than 5.5% over the past week, falling from above $77,000 to around $72,600, extending a pullback from early May highs above $82,000. The decline coincided with surging spot ETF outflows and US-Iran tensions. BlackRock’s iShares Bitcoin Trust recorded $527.84 million in net outflows on Wednesday, part of $733.43 million in combined daily outflows across U.S. spot bitcoin ETFs. IBIT still showed strong cumulative performance, with more than $2 billion in year-to-date flows and $64 billion in lifetime net inflows. Bitcoin also fell through $73,000 during Asian trading after fresh US airstrikes near the Strait of Hormuz, with ETF redemptions forcing underlying bitcoin sales and reinforcing the downward move.

"Bitcoin price has fallen more than 5.5% over the past week, sliding from above $77,000 to around $72,600 on Thursday as risk sentiment weakened. The move extends a broader pullback from early May's highs above $82,000, leaving bitcoin price trading near 6-7% lower week-on-week as surging spot ETF outflows and US‑Iran tensions pressure prices."

"BlackRock's iShares Bitcoin Trust recorded $527.84 million in net outflows on Wednesday, its second-largest single-day withdrawal since the fund launched in January 2024 - falling short of the all-time record by roughly $500,000. The figure lands within a broader retreat across the U.S. spot bitcoin ETF complex, which together shed $733.43 million that day, the largest combined daily outflow since late January."

"Despite the headline numbers, context matters. IBIT remains up more than $2 billion in year-to-date flows and has accumulated $64 billion in lifetime net inflows since launch, placing it in the top 2% of all ETFs by cumulative flows. Wednesday's $528 million draw represents less than 1% of that total."

"As investors redeemed ETF shares, BlackRock and other issuers were forced to sell underlying bitcoin to settle those exits, feeding the price decline and the outflow data in a loop. Alongside IBIT, Grayscale's GBTC shed $104.76 million and Fidelity's FBTC lost $60.30 million on the same day. Morgan Stanley's MSBT was the only spot bitcoin ETF to post positive flows, drawing in $4.3 million, according to Bitcoin Magazine Pro data."

Read at Bitcoin Magazine