Bitcoin falls below $75,000 as spot ETF outflows signal institutional selling
In brief
- Bitcoin fell below $75,000 Wednesday following $1.88 billion in spot ETF outflows since May 15
- Key support zone sits between $76,000 and $74,289 for technical stabilization
- BTC whale accumulated 450 coins per day over eight days at lower prices
- Further decline to $70,500 possible if support levels break
ETF Outflows Weigh on Bitcoin
The pullback coincides with a sustained exodus from spot Bitcoin ETFs. Persistent net outflows from BTC ETFs occurred on nearly every trading day since May 7, according to Farside Investors' data. Glassnode, the blockchain analytics firm, highlighted the structural imbalance: "Glassnode said in a post on X that persistent net outflows from BTC ETFs on nearly every trading day since May 7 add to the supply side without a visible demand offset."
Institutional investors appear to be on a selling spree. Yet not all large holders are exiting. Blockstream CEO Adam Back noted that "a BTC whale had hoovered up 450 'cheap Bitcoins' per day for the past eight and a half days using a time-weighted average price method," suggesting some accumulation at lower valuations.
Technical Picture: Support Zones in Focus
BTC turned down from the 20-day exponential moving average at $77,431 on Tuesday. The crucial support zone for BTC now sits between $76,000 and $74,289. If bulls defend this level, the pair may rally to $82,000 and then to $84,000. If support breaks, the BTC/USDT pair may descend to the support line near $70,500.
Bitcoin's market-value-to-realized-value (MVRV) ratio stood at 1.42, a level that's historically low. Only 36% of BTC's MVRV readings have been lower than this, suggesting the market may be pricing in downside risk or opportunity for accumulation.
Altcoin Technicals
Ether buyers have failed to push ETH back above a support line, with psychological support at $2,000. If that level cracks, the ETH/USDT pair may decline to the $1,916–$1,750 zone.
BNB buyers are attempting to sustain the price above the 20-day EMA at $652. If that level gives way, bears may pull the price below the 50-day SMA at $636, potentially tumbling to $610 and then to $570.
XRP continues to gradually slide toward the $1.27 support level, where buyers are expected to mount a strong defense.
