• Bitcoin held near $73,000 but risks crashing lower as risks linger.
• Spot Bitcoin ETFs saw net outflows of $229 million for a nine-day negative streak.
• On-chain metrics show whale balances flat for months, signaling reduced accumulation.

Bitcoin traded near $73,200 on Thursday after failing to sustain a rebound amid broader cryptocurrency selling.

While BTC struggled, US stock futures edged slightly higher following reports of a potential US-Iran agreement to reopen the Strait of Hormuz, easing some geopolitical risk and supporting broader risk assets outside the crypto market.

Bitcoin’s ETF outflows extend negative streak

Spot Bitcoin exchange-traded funds continued to see withdrawals, extending a record nine-day streak of net outflows.

US spot Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing weekly net outflows to roughly $1.3 billion.

According to SoSoValue data, this would mark the third consecutive week of capital leaving BTC investment products.

Notably, the sustained outflows have coincided with price pressure on Bitcoin, undermining short-term liquidity and market sentiment.

On-chain analytics add further nuance to the picture. CryptoQuant data indicates that major Bitcoin holders have halted accumulation.

Dolphin balances, representing mid-sized holders, have printed successive lower highs since September 2025, while whale balances have remained largely flat since February 2026.

Historically, when both cohorts simultaneously pause or reduce accumulation, the market often experiences prolonged weakness as demand at higher price levels fades.

What next for Bitcoin price?

Analysts continue pointing to a mix of technical, options-market, and on-chain signals to assess Bitcoin’s near-term direction.

Glassnode observed that Bitcoin recently retested the $75,000 “strike,” a high gamma zone where options positioning can amplify price moves. This contributed to the pullback below $73,000, with BTC briefly falling near $72,500.

According to Greeks.live, the selloff occurred ahead of a major options expiry.

May 29 Options Expiration Data

84,000 BTC options expired, with a put-call ratio of 0.88, a maxpain point of $75,000, and a notional value of $6.2 billion.
639,000 ETH options expired, with a put-call ratio of 0.81, a maxpain point of $2,200, and a notional value of $1.28… pic.twitter.com/NNnFMy3tgx

Advertisement

— Greeks.live (@GreeksLive) May 29, 2026

Analysts continue pointing to a mix of technical, options-market, and on-chain signals to assess Bitcoin’s near-term direction.

Glassnode observed that Bitcoin recently retested the $75,000 “strike,” a high gamma zone where options positioning can amplify price moves. This contributed to the pullback below $73,000, with BTC briefly falling near $72,500.

According to Greeks.live, the selloff occurred ahead of a major options expiry.

The on-chain analytics provider noted that the decline failed to fully extend after at-the-money implied volatility (ATM IV) briefly spiked during the drop, while longer-dated implied volatilities eased. This suggests many market participants still view the move as contained rather than the beginning of a broader structural trend reversal.

Despite this, risks remain asymmetric. Options markets continue implying the potential for larger moves than spot markets have so far produced, leaving room for renewed volatility around expiries and macroeconomic developments.

“The market’s next focus is on whether capital will flow back in, and whether BTC can reclaim $75,000 and ETH can retake $2,100. The settlement appears more like a “bearish unwinding”—large positions have expired—but the fact that both BTC and ETH are trading below their key resistance levels indicates that the dominant force this week has not been chasing rallies, but rather risk aversion and a retreat by longs. The market’s bullish sentiment is currently very fragile,” analysts at Greeks.live noted.

Technically, analysts have identified $70,000 as a key downside level.

A break below that zone could trigger deeper weakness and accelerate outflows. Meanwhile, a sustained recovery above $80,000 would likely signal renewed conviction and could attract fresh inflows into both spot products and derivatives markets.

Market analysts say Ether (ETH) still faces “downside pressure” that could trigger another ETH price sell-off as traders shift their focus to support at $1,800. 

Key takeaways:

• Ether faces downside pressure as elevated leverage and positive funding rates amid falling prices signal fragile market conditions.
• Analysts say ETH must hold the $1,800-$1,750 support zone to avoid a deeper correction.

Ether price metrics suggest downside risks remain

Analysts have highlighted several reasons for Ether’s potential to drop lower, including an elevated estimated leveraged ratio and positive funding rates amid a “weakening price structure,” according to CryptoQuant analyst PelinayPA. 

The chart below shows that Ether’s estimated leverage ratio (yellow line) remains relatively elevated at around 0.74.

Related: Ether bears at risk of $2B squeeze as short positions build around $2K

The funding rate (blue line) has remained mostly in positive territory since mid-April, meaning long positions still dominate the market. Meanwhile, the RSI (purple line) is closer to the oversold zone at 31 and has not yet “produced a convincing recovery signal,” the analyst said in a Friday QuickTake analysis.

“Leverage remains elevated and long positioning is still dominant, yet price continues to struggle as the RSI reflects weakening momentum,” the analyst said, adding:

“Overall this combination suggests that short term downside pressure in the ETH market still remains the dominant structure.”

ETH: Funding rates and leveraged ratio

Under normal market conditions, rising leverage and increasing funding rates are usually supported by strong price expansion. However, in this case, leverage remains high while price continues to record lower lows.

“But the key signal is that this leverage build-up came alongside heavy sell-side pressure,” fellow analyst Amr Taha said in another QuickTake note. 

The chart below shows that the Binance cumulative net taker volume fell to around -$744 million, its deepest negative reading since April 6, 2026.

Amr Taha added:

“This means new leverage entered the market while aggressive sellers were still in control, making the setup more fragile than a clean bullish open-interest expansion.”

ETH: Cumulative net taker volume on Binance. Source: CryptoQuant

This suggests that the market structure is driven by derivative positioning instead of spot demand, which creates a weaker overall setup.

Waning demand is also seen in US-based spot Ethereum exchange-traded funds (ETFs), which continue to post heavy outflows, indicating declining institutional interest. These ETFs have recorded outflows for thirteen consecutive days, totaling $695 million. The $121 million in net outflows recorded on Thursday marked the largest withdrawal in two weeks.

Spot Bitcoin Ether flows chart. Source: SoSoValue

As Cointelegraph reported, a break below the crucial $2,000 support and increased selling by whales indicate additional downside risk for ETH price in the near term.

Ether price must hold above $1,800

Ether’s 7% drop over the last three days has seen it lose the crucial $2,000 support, as the bears gained momentum.

Traders are now watching key levels on the downside, including the $1,800 demand zone.

“A good spot buy would be around $1,700-$1,800 key area,” analyst Suraj Jha said in a Friday post on X, adding:

“A confirmed breakdown below this level could shift the structure bearish and open up continuation to the downside.”

Fellow analyst Crypto Patel said Ether’s technical structure remains “bearish until we reclaim $3050.”

The ETH/USD pair “needs to hold $1,750 to keep the long-term bullish case alive,” the analyst said, adding:

“If $1,750 breaks, accumulation zone 2 sits at $,1500-$,1400, a massive discount for long-term holders.”

ETH/USD two-day chart. Source: X/CryptoPatel

A daily candlestick drop below $1,750 could trigger another sell-off episode, first toward the April 2026 low at $1,550 and later to the 2022 macro low around $1,000, as shown on the daily chart below. This would bring the total losses to 47% from the current price.

ETH/USD weekly chart. Source: Cointelegraph/TradingView

As Cointelegraph reported, after losing the psychological support at $2,000, the ETH/USD pair may then descend toward the $1,900-$1,750 zone, which buyers are expected to defend aggressively. 

As global trading trends race toward 24-hour, no-days-off markets, the U.S. Commodity Futures Trading Commission argued that it may be fine for the new blockchain-native players, but that expanded hours might not be appropriate for some of the traditional markets, the derivatives watchdog said in a Friday letter issued to the wide waterfront of firms it regulates.

The advisory — coming on the same day that the agency gave a consequential green light to native crypto platforms offering perpetual futures contracts — marks what may be a growing divide between the traditional firms and the new entrants.

“Because of inherent differences between underlying markets, switching to 24/7 trading and clearing may not currently be suitable for all asset classes,” the agency wrote to its regulated exchanges and clearing operations.

“The ability to engage in, and maintain, markets on a 24/7 basis has been, in part, paralleled by evolutions in market technologies, such as blockchain networks and decentralized infrastructure, alternate forms of collateral, including stablecoins and crypto assets, and market accessibility through smartphones and associated software applications,” the CFTC noted. “With this evolution, an increasing number of platforms, with a growing list of tradeable products, are providing 24/7 access to retail and institutional participants.”However, it said, “other derivatives markets, such as in agricultural products, may be less

suited for 24/7 trading due to their unique customer bases, regional nature, and the specialized

trading and hedging practices in those markets.”

The derivatives watchdog’s primary concern is the potential for market abuse in less-observed, off-peak activity, contending that “extending trading hours to a 24/7 schedule for certain markets or products could potentially result in reduced liquidity, increased volatility, widened bid/ask spreads, and, as a result, create greater opportunities for market manipulation.”

The platforms are responsible for policing themselves as the first line of defense and “should implement additional compliance measures designed to address the unique challenges associated with expanded trading hours.”

The advisory was meant to lay out the considerations for firms looking to expand trading hours, and the CFTC urged them to communicate their plans to the agency.

The current chief of the agency, Chairman Mike Selig, has made it one of his leading priorities to embrace new technologies including crypto and prediction markets. His enthusiasm for the advances — tracking the orders and encouragement from President Donald Trump — has led to a surge in crypto policy work meant to clear a regulatory path for the industry.

One of the crypto-native firms supervised by the CFTC, Coinbase, said in a blog post on its website on Friday that it’s trying to rebuild traditional financial services atop crypto infrastructure.

“Equities, futures, and prediction markets all operate 24/7 on our platform,” the company said, noting the agency’s new allowance of global options and perps through one of its CFTC-regulated affiliates. “Today’s announcement adds the largest and most liquid category of global crypto trading to that lineup.”

Ethereum is clinging to support near $1,800 as rising leverage, crowded longs, and persistent U.S. spot ETF outflows deepen downside risks for the second largest cryptocurrency.

Ethereum (ETH) price is extending a weak trend after losing the psychologically important $2,000 level, with market focus now locked on whether bulls can defend the $1,800–$1,750 support area.

According to on chain analytics platform CryptoQuant, analyst PelinayPA noted that Ethereum’s estimated leverage ratio remains elevated at roughly 0.74, while funding rates have stayed positive since April, a combination that signals “crowded long positions” even as prices continue to grind lower.

Advertisement

The same analysis shows Ethereum’s relative strength index hovering near 31, indicating conditions are close to oversold but without “an effective rebound signal,” leaving spot price exposed if forced liquidations begin to cascade.

At the same time, U.S. spot Ethereum exchange traded funds have logged net outflows for 13 consecutive trading sessions, with roughly $695 million in capital pulled and a single day peak of around $121 million in redemptions, underscoring what the report describes as a “continued cooling of institutional allocation demand.”

ETF outflows and derivatives pressure converge

The mounting stress around the $1,800 level comes after weeks of structurally bearish signals in both spot and derivatives markets.crypto+1
A recent crypto.news analysis observed that Ethereum had already broken below an ascending channel on the daily chart, warning that MACD had turned bearish and that failure to hold supports near $2,080 could open the door to a swift move toward the $1,800 region.crypto

That same report cited CoinGlass estimates suggesting more than $1.7 billion in leveraged long positions could face liquidation if ETH fell below roughly $2,044, a level now decisively lost as intraday price action grinds closer to the $1,800 line in the sand.crypto
In parallel, flows data compiled by CryptoSlate show that combined Bitcoin and Ethereum ETFs have seen nearly $2.7 billion in net redemptions over the past two weeks, with allocators rotating into niche products tied to Solana, XRP, and Hyperliquid’s HYPE token instead.cryptoslate

Advertisement

Key support at $1,800 becomes sentiment pivot

Within this backdrop, ChainCatcher’s summary stresses that “short term risks are skewed to the downside,” arguing that Ethereum currently “maintains a weak structure against the backdrop of high leverage, crowded long positions, and ongoing ETF outflows,” making the $1,800 support “a key observation point for market sentiment and technical aspects.”

That language echoes earlier commentary from crypto.news, which described $1,800 as a “psychological floor” that traders have been defending for more than a month, warning that “a drop below this key structural pivot point could trigger more downside, especially considering the stressed macro environment.”

Recent coverage on crypto.news also underlined that Ethereum still trades below a crucial $2,500 resistance cluster and that a weekly close under roughly $1,850 would likely accelerate volatility toward lower range boundaries.
At press time in the ChainCatcher report, Ethereum was quoted around $2,019, but price action has been defined less by spot demand than by the slow bleed of ETF capital and a derivatives market where funding and leverage remain stubbornly tilted long even as the chart breaks down.

For now, the question facing traders is brutally simple: can Ethereum absorb yet another wave of ETF outflows and defend $1,800 without triggering the kind of liquidation cascade that the derivatives data are clearly primed for.

Advertisement

Mark Cuban has dumped most of his Bitcoin, calling it “not the hedge I expected” as the Iran war and dollar volatility exposed what he sees as a failed safe haven narrative.

“I always thought it was a better version of gold than gold,” Cuban said. “But gold just blew up and went to $5,000. Bitcoin dropped.”
“This might get some people upset,” he added. “I think Bitcoin has lost the plot.”

Cuban’s hedge thesis breaks, but the data fights back

According to the Bitcoin (BTC) price page from crypto.news, BTC recently hovered in the mid $70,000s, reinforcing that the asset has recovered sharply from early conflict lows even if it remains below its peak.

Cuban’s own positioning underscores the reversal. Heading into 2026, he said his crypto portfolio was roughly 60% Bitcoin, 30% Ethereum and 10% other tokens, a structure he previously justified by calling BTC “a better store of value asset than gold.”
Now he says he still holds Ethereum for its “utility” while dismissing most altcoins as “junk,” effectively recasting Bitcoin as the disappointment in a portfolio he once described as anchored by BTC.

War, inflation and the safe haven narrative

The clash between Cuban’s experience and the data comes as the broader market reassesses what, exactly, Bitcoin hedges.
As crypto.news has previously reported in its coverage of how Bitcoin outperforms gold by roughly 36% since the Iran war began, BTC has behaved less like a classic “panic bid” asset and more like a high beta macro instrument that still managed to beat traditional havens over the war’s first months.

In its own report on Cuban’s remarks, crypto.news noted that “Bitcoin defenders” argue the billionaire cherry picked the worst window: BTC did sell off on initial Iran headlines, but from the first signs of conflict it has risen more than 16%, while gold has sagged.
Fortune similarly observed that “since the start of the war, the original cryptocurrency is up about 7%, and on Wednesday was trading at around $71,000,” even as gold drifted near $5,240 per ounce.

Cuban’s broader skepticism comes after years of vocal support, including a 2021 podcast appearance where he revealed that 60% of his crypto holdings were in Bitcoin and insisted he would “never sell it for anything” because it was superior to gold as a store of value.
With that stance now reversed, his sale has become a Rorschach test for the market: either a high profile confirmation that the “digital gold” story is broken, or, as some traders suggest and as earlier crypto.news coverage of Bitcoin’s performance during crises implies, an exquisitely mistimed capitulation top in a still evolving hedge narrative.

Other crypto.news reporting on war driven flows into gold tokenization and renewed institutional interest in Ethereum suggests that the safe haven debate is fragmenting across assets rather than converging on a single “digital bunker.”
For now, Cuban’s verdict is blunt: Bitcoin, he says, “lost the plot” – even as the numbers stubbornly refuse to give him the clean failure he thinks he saw in real time.