Bitcoin traded around $72,000 on Monday, extending a three-week run of heavy institutional withdrawals and weakening demand from major holders, as traders braced for a busy slate of economic data that could reshape risk appetite.
Largest funds see persistent outflows
U.S. spot Bitcoin exchange-traded funds recorded $1.42 billion in outflows for May 25–29, the third-largest weekly withdrawal on record for these products, according to BRN data.
Globally, digital asset exchange-traded products saw $1.67 billion in redemptions over the same period, CoinShares reported. That was the second-highest weekly outflow of 2026, behind only the week ending January 23.
Massabni of XS.com said U.S. spot Bitcoin ETFs have now posted ten consecutive sessions of net withdrawals, totaling about $2.97 billion. The steady pullback from regulated products has translated into direct, ongoing selling pressure on the underlying market.
Market depth and on-chain support weaken
The exit from institutional products has raised concerns about limited near-term support for digital assets, particularly as broader markets wrestle with uncertainty over growth, inflation, and interest rates.
On-chain data show that around 8.33 million Bitcoin are currently held at a loss, up from 7.75 million a week earlier, when prices hovered near $76,600, BRN said. The current price is sitting just above the average acquisition level for short-term holders, those who have owned coins for less than 155 days.
Historically, a break below this cost basis has triggered additional selling from these more price-sensitive market participants, who tend to exit to avoid deeper losses. At the same time, large, long-term wallets that accumulated near $78,000 have started to distribute coins during partial price recoveries, removing a layer of buying support that had helped underpin the market at higher levels.
Spot trading volumes have turned negative, and on-chain metrics indicate a pause in accumulation across both whales and mid-sized holders, pointing to softer buying interest across the board.
Macro backdrop favors safer assets
Rising U.S. Treasury yields, currently hovering between 4.45% and 4.47%, have further constrained demand for risk assets. The higher yields offer traders a more stable return profile, drawing capital away from volatile markets such as digital currencies.
This cautious stance is set against a critical week for economic data. The U.S. non-farm payrolls report, due Friday, is expected to show 93,000 new jobs and an unemployment rate around 4.3%. Additional releases from ISM, JOLTS, and ADP are scheduled, and the combined signals are likely to influence expectations for monetary policy and, by extension, appetite for risk.
A stronger-than-expected jobs print could bolster the case for tighter policy, supporting the U.S. dollar and typically weighing on assets like Bitcoin. A weaker report could revive hopes for looser financial conditions, offering some relief to risk markets.
Institutional hedging and options flows rise
Trading desks attributed part of the recent pullback to slower corporate buying, noting that a major U.S. firm sold 32 Bitcoin last week after reporting no purchases between May 18 and 24.
Derivatives activity underscores the cautious tone. Options flows over the weekend showed continued demand for downside protection, with traders purchasing $70,000 Bitcoin put options expiring June 5.
Open interest data from major venues such as CME indicate that while institutional participation remains, hedging activity has grown, suggesting even bullish market participants are preparing for further volatility.
Analysts tracking the options market highlight $73,800–$74,000 as a key resistance zone. Failure to reclaim that band could open a path toward support near $68,000, according to current positioning.
Altcoins see selective inflows
Despite the broad pullback in Bitcoin and Ether-linked products, some alternative tokens have attracted fresh capital.
Funds tied to XRP saw $15.2 million in inflows last week, Solana products gained $2.4 million, and Hyperliquid products added $26 million, with Hyperliquid rising more than 8% on Monday.
These flows suggest that some capital is rotating within the digital asset space rather than exiting entirely. During periods when Bitcoin consolidates or retreats, traders often seek returns in alternative tokens, creating localized strength even as the overall market trend remains fragile.
Prices under pressure into U.S. session
By mid-morning Monday, Bitcoin was down more than 2% over 24 hours, trading near $72,000. The broader crypto market mirrored the decline ahead of the U.S. cash session, reflecting the combined impact of sustained ETF outflows, softer on-chain support, and a macro backdrop that currently favors safer income-generating assets.
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