Bitcoin Slides Below $75,000 as Spot ETFs Bleed $1.26 Billion in Worst Week Since January

Bitcoin slid to $74,305 Saturday after spot ETFs lost $1.26 billion in their worst week since January, with two-week outflows hitting $2.26 billion as institutions de-risk.

Bitcoin dropped to $74,305 in Saturday morning Asian hours, its lowest level since April 20, capping a week in which spot Bitcoin ETFs shed $1.26 billion, the steepest weekly outflow since late January. The slide came as crypto liquidations approached $1 billion, with 95% of the wipeout hitting bullish bets, according to CoinGlass data.

Since the weekend drop, the leading crypto has surged 3.6% to $77,250 on Monday, where it currently trades.

This story is an excerpt from the Unchained Daily newsletter.

The outflow streak ran six consecutive sessions from May 15 to May 22. Monday alone accounted for $648.6 million in redemptions across all 12 funds, the largest single-day outflow since January 29. Tuesday added $331 million, Wednesday $70.5 million, Thursday $100.8 million, and Friday $105.2 million. Two-week cumulative outflows now stand at roughly $2.26 billion, the steepest two-week period since the ETFs launched in January 2024.

BlackRock’s IBIT remains dominant despite the bleeding, with $61.1 billion in net assets and exposure equal to about 4% of bitcoin’s circulating supply. Total assets across all 12 funds sit at $98.9 billion with cumulative net inflows of $57.1 billion, putting IBIT’s AUM roughly $3.7 billion below its cumulative inflows. Ether ETFs posted a 10-day outflow streak, the longest negative run since March 2025, with $215.19 million in net redemptions last week. BlackRock’s ETHA led with $184.59 million in outflows. Only 21Shares’ ETHB posted positive flows.

The macro picture explains the institutional retreat. U.S. 10-year Treasury yields hit 4.63% Sunday night, the highest since February 2025. Mortgage rates approach 7%. U.S. inflation is nearing 4%. Geopolitical tensions with Iran continue to lift Brent crude above $100. Speculative capital is rotating into commodities exposed to potential Strait of Hormuz disruptions and into pre-IPO derivatives tied to the upcoming SpaceX listing.

Underneath the macro, bitcoin’s technical picture is grim. The 200-day moving average near $82,000 has rejected the price four times in two weeks. The failed breakout resolved sharply to the downside. Santiment analysts argued the outflow streak resembles a healthy reset and historically correlates with “conditions favorable for patient accumulation rather than panic,” but cautioned that a break below $74,000 would force a reassessment. The structural counterweight remains intact: long-term holders still control a record 4 million BTC, exchange balances sit near six-year lows, and new Fed chair Kevin Warsh’s first FOMC meeting on June 16-17 will be the next major macro catalyst.