Bitcoin was trading near $72,000 on Monday as a third consecutive week of heavy institutional outflows and deteriorating onchain demand left the market without a near-term cushion.
U.S. spot bitcoin (BTC) exchange-traded funds shed $1.42 billion in the week of May 25–29, the third-highest weekly outflow on record for that product segment, Timothy Misir, head of research at BRN, said in a note shared with The Block.
Global crypto ETFs also recorded $1.67 billion in outflows over the same period — the second-largest weekly redemption of 2026 behind only the week ending Jan. 23 — per CoinShares.
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The pattern beneath the surface is what analysts are watching most closely, and BRN's Misir said the ETF flow split tells the more important story.
While bitcoin and ether (ETH) products bled, XRP (XRP) funds drew $15.2 million, Solana (SOL) funds $2.4 million, and Hyperliquid (HYPE) funds $26 million over the same stretch. HYPE was up more than 8% on Monday, bucking the broader market weakness, The Block’s price page shows.
Onchain, roughly 8.33 million BTC are now held at a loss after prices contracted toward current levels, up from 7.75 million BTC when bitcoin was trading near $76,600 a week earlier, Misir wrote. Spot Volume Delta has turned negative, and whale wallets that accumulated near $78,000 are distributing into rebounds.
Whale and dolphin accumulation more broadly stalled last week, with onchain data pointing to weakening demand, as The Block reported.
Simon-Peter Massabni, head of business development at XS.com, said U.S. spot Bitcoin ETFs have now recorded 10 consecutive sessions of outflows, with total net withdrawals reaching nearly $2.97 billion. In Massabni's view, it’s a shift that has turned the ETF flow dynamic from a price support into a source of selling pressure. Elevated U.S. Treasury yields in the 4.45%–4.47% range are compounding the pressure, he added, limiting risk appetite across rate-sensitive assets.
The Laser Digital derivatives desk attributed recent sell-offs partly to the absence of Strategy as a buyer, as the firm made no BTC purchases between May 18 and May 24, subsequently confirming it then sold 32 BTC last week.
The desk expects put skews to continue trading rich given ongoing demand for downside protection, and flagged a buyer of June 5 $70,000 BTC puts over the weekend. The week ahead brings several macro catalysts that could shift sentiment.
Non-farm payrolls land Friday, with consensus at 93,000 for the headline print and 4.3% for the unemployment rate. ISM, JOLTS, and ADP data are also due, and Laser Digital's desk said in-line or strong readings would be welcomed by risk assets.
According to The Block’s price page, bitcoin was down over 2% in 24 hours and approaching $72,000. The broader crypto market showed a similar downtrend ahead of the U.S. market open.
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