Bitcoin Slips Near $73.9K as Spot ETFs Bleed $3B in Record 10-Day Outflow Streak

Bitcoin News

US-listed spot Bitcoin ETFs extended their longest losing streak on record, posting ten consecutive sessions of net redemptions that have drained close to $3 billion from the products since May 15. Daily withdrawals ranged from $70 million to a peak of $733 million on Wednesday, dragging combined net assets from $104.29 billion to $94.17 billion in just two weeks. The previous record of eight straight outflow days, set in early 2025 with $3.2 billion in redemptions, was broken on Thursday before being extended again on Friday, underscoring how aggressively institutional allocators have pulled back from the asset class.

Some analysts argue the redemption wave is reaching exhaustion territory. Crypto analytics platform Santiment described the trend as a contrarian indicator, noting that prior episodes of extreme ETF outflows have historically aligned with cyclical lows in Bitcoin. The firm cited the November 2025 single-day exit of roughly $904 million, which preceded a sharp price recovery. With the Crypto Fear and Greed Index parked at 23 (Extreme Fear) and the broader market down around 9.5% since mid-May, sentiment readings now mirror conditions that have previously marked turning points for institutional flows back into the spot products.

Strategy, the largest corporate Bitcoin holder, briefly rattled markets after on-chain trackers flagged a 411.5 BTC transfer worth roughly $30 million to Coinbase Prime, the firm's first direct exchange deposit in nearly two years. Within hours, the entire balance was withdrawn back to corporate custody, cooling speculation that Michael Saylor was preparing the company's first BTC sale in years. Polymarket odds on Strategy offloading any Bitcoin in 2026 had spiked above 90% on the initial deposit, easing only modestly after the reversal. The company still holds 843,738 BTC worth over $62 billion and has paused weekly accumulation since May 18.

The US Commodity Futures Trading Commission cleared a fresh derivatives milestone by approving Bitcoin perpetual futures from prediction-markets platform Kalshi. Unlike standard futures, perpetuals carry no expiration and track spot prices closely through funding-rate mechanics, making them the dominant derivative format on offshore venues but historically blocked from US retail channels. Regulators concluded the contract satisfies the Commodity Exchange Act, while signaling that crypto markets may be well suited to 24/7 trading, clearing and settlement. The approval marks a meaningful structural opening for onshore exchange-traded crypto derivatives.

A more fundamental risk vector resurfaced as deep-tech investor Andrew Gault warned that Bitcoin's quantum exposure extends far beyond wallet keys. Gault, who has backed quantum-hardware ventures including Universal Quantum, argued the more pressing threat is encrypted traffic already being harvested from interbank rails, custodial bridges and settlement networks for future decryption. Google's security team set 2029 as its internal target for completing a post-quantum cryptography migration in a March advisory, citing rapid progress on quantum hardware and factoring estimates. Roughly 6.9 million BTC sit in addresses with exposed public keys, leaving the protocol's migration roadmap unresolved.

The Bitcoin treasury sector itself is showing fissures. BSTR co-founder Sean Bill argued that many corporate holders lack the capital structure to deploy Bitcoin productively and are leaning on the asset itself to do their marketing. Around 198 public companies now hold roughly 1.25 million BTC combined, yet several smaller proxies have buckled. Nakamoto stock has collapsed roughly 99% from its May 2025 peak near $34, hitting $0.16 before a reverse split, after Nasdaq warned of delisting. Standard Chartered's digital-assets desk has cautioned that a sharp drawdown could trigger forced liquidations across leveraged treasury balance sheets.

Bitcoin trades near $73,898 with a flat 24-hour print, but momentum readings argue caution. The RSI sits at 37.8, deep in oversold-leaning territory without yet flashing capitulation, while the MACD remains bearish and the broader structure stays in a downtrend. Immediate support at $73,425 must hold to prevent a slide toward $71,965 and the more critical $70,280 shelf. Resistance stacks at $74,571, then $76,648 and $78,601. A reclaim of $74,571 on rising volume would neutralize the bearish MACD; a daily close below $70,280 invalidates the dip-buying thesis.