Bitcoin slumped 3.4% over the past 24 hours to trade at $73,230, extending weakness below the $80,000 mark. The sell-off comes as US spot Bitcoin ETFs logged $733.43 million in outflows — the latest in a two-week stretch of negative flows that shows no signs of letting up.
The $78,000 wall
Right now, a key technical zone sits between $78,000 and $78,300. That's where the Short-Term Holder Cost Basis — the average price paid by coins held less than 155 days — converges with the True Market Mean, a broader measure of cost basis. Glassnode data shows that level is acting as a formidable resistance. Bitcoin has been unable to reclaim it since sliding below $80,000 earlier this week. The convergence itself isn't new, but the market's inability to break through it is keeping traders on edge.
ETF outflows stretch into a second week
The $733 million in daily outflows from US spot Bitcoin ETFs marks the latest in a persistent drain. Two consecutive weeks of net redemptions have erased much of the capital that flowed in during April. The pace has accelerated over the past few days, with several funds seeing their largest single-day withdrawals since launch. No single catalyst has been cited, but the steady drip suggests institutional sentiment has shifted — for now.
Profit-taking eases
Glassnode's Realized Profit/Loss Ratio now sits at 1.56. That's well below the 2-5 range that typically signals an early bull phase, where strong profit-taking accompanies price gains. A ratio this low suggests that sellers are either sitting on smaller profits or locking in losses. It doesn't point to panic, but it does indicate that the market isn't generating the kind of conviction needed to push Bitcoin back above resistance.
All eyes are on whether $73,000 holds into the weekend. Another wave of ETF selling could test that level — and if it breaks, the next support isn't far below.
