Bitcoin fell 3.6% over the past 24 hours to $72,842 as of 1:50 a.m., according to The Block's price page. Ether dropped 4.8% to $1,974, XRP declined 3.5%, and Solana slipped 3.6%.<\/p>\n
Nick Ruck, director of LVRG Research, said the declines reflected a risk-off move propelled by profit-taking after recent highs, rising Treasury yields, and broader macro caution amid geopolitical headlines. Dominick John, analyst at Zeus Research, attributed the market weakness mainly to capital rotating into traditional finance equities, combined with heavy derivatives liquidations that accelerated price declines once key bitcoin and ether levels broke. John added that macro and geopolitical uncertainty kept traders defensive and limited demand to buy on dips.<\/p>\n
Peter Chung, head of research at Presto Research, described bitcoin\u2019s behavior since mid-May as a \u201cpeculiar trading pattern.\u201d After trading above $80,000 early in the month, bitcoin has drifted lower over the past two weeks, underperforming risk assets such as the S&P 500 and Nasdaq. Chung said this weakness appears largely driven by spot bitcoin ETF outflows, with weekly redemptions reaching levels last seen during the October 2025 and February 2026 drawdowns.<\/p>\n
U.S. spot bitcoin ETFs recorded $733.4 million in net outflows on Wednesday, the largest single-day outflow since Jan. 29, according to SoSoValue data. BlackRock\u2019s IBIT registered a net outflow of $527.8 million, its second-largest outflow since inception. Grayscale\u2019s GBTC saw $104.8 million in net outflows, while four other ETFs from Grayscale, Fidelity, Bitwise, and Ark & 21Shares also posted negative flows. Morgan Stanley\u2019s MSBT was the only spot bitcoin ETF to record positive flows, attracting $4.3 million.<\/p>\n
John said the ETF outflows were driven by the unwind of basis trades and institutional de-risking, noting that IBIT\u2019s outflows were influenced by a large block trade executed the previous day. Bloomberg Senior ETF Analyst Eric Balchunas highlighted a bulk transaction of 29.2 million IBIT shares worth $1.3 billion on Tuesday, which lifted total bitcoin ETF trading volume that day to $4.4 billion, the highest since April 17.<\/p>\n
Ruck noted that traders are monitoring ETF flow momentum and technical support around $70,000 for bitcoin, as sustained outflows could indicate further institutional repositioning away from crypto. Meanwhile, Asian equities opened lower on Thursday as the U.S. and Iran launched new strikes, testing a fragile ceasefire. Hong Kong\u2019s Hang Seng Index declined 1.9%, while Japan\u2019s Nikkei 225 was down 1.25% with markets still open.<\/p>\n
Why did bitcoin fall below $73,000?<\/strong> How significant were the latest spot bitcoin ETF outflows?<\/strong> Which spot bitcoin ETF was the exception to the outflows?<\/strong> How are broader markets reacting alongside crypto?<\/strong>
Bitcoin\u2019s decline was linked to profit-taking after recent highs, rising Treasury yields, a shift toward traditional equities, heavy derivatives liquidations, and increased macro and geopolitical uncertainty.<\/p>\n
U.S. spot bitcoin ETFs saw $733.4 million in net outflows on Wednesday, the largest daily outflow since Jan. 29, with BlackRock\u2019s IBIT alone accounting for $527.8 million.<\/p>\n
Morgan Stanley\u2019s MSBT was the only spot bitcoin ETF to record net inflows, attracting $4.3 million on Wednesday.<\/p>\n
Asian equity markets opened weaker on Thursday, with Hong Kong\u2019s Hang Seng Index down 1.9% and Japan\u2019s Nikkei 225 lower by 1.25%, amid renewed U.S. and Iran strikes and related geopolitical concerns.<\/p>\n