CoinDesk
Bitcoin slipped below $73,000 on Monday, down roughly 1.4% over 24 hours, as ether fell 2.1% to $1,980 and the broader CoinDesk 20 (CD20) index dropped 2.38%. The move extends a 10-session streak of net outflows from U.S. spot bitcoin ETFs totaling $2.97 billion — the longest withdrawal run on record — and includes the rapid unwind of a single $1.2 billion position.
Why it matters
The streak isn't a single headline event but a structural absence of bid. Laser Digital's derivatives desk framed it bluntly: crypto "sold off through last week without a clear catalyst," and the lack of demand was compounded by Strategy's disclosure that it bought no BTC in the latest window. With STRC still trading below par and retail interest absent, the desk expects BTC to stay weak in the near term. The macro backdrop is not helping — oil climbed more than 3% on stalled efforts to reopen the Strait of Hormuz, with the U.S. and Iran trading strikes and Israel pushing deeper into Lebanon.
Market impact
The divergence between crypto and equities is now the trade. AI-driven enthusiasm has pushed global stock indexes to fresh highs even as digital assets bleed, leaving crypto at risk of further underperformance against the S&P and Nasdaq. Watch the ETF flows as the primary tell: any break in the 10-day outflow run would mark the first real test of whether the bid is returning or whether $73K gives way. The HYPE/SOL pair is flashing near-term bearish divergence on the daily RSI but no weekly confirmation — a likely shallow pullback rather than a structural break in HYPE's outperformance trend.
Frequently asked questions
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How much have U.S. spot bitcoin ETFs shed over the past 10 sessions?
Net outflows totaled $2.97 billion across 10 sessions — the longest consecutive withdrawal streak on record — and included the rapid unwind of a single $1.2 billion position.
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Where is bitcoin trading as of the June 1 update?
Bitcoin was trading just under $73,000, down roughly 1.4% over 24 hours. Ether fell 2.1% to $1,980, and the broader CoinDesk 20 (CD20) index dropped 2.38%.
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Why is the crypto sell-off happening without a clear catalyst?
Laser Digital's derivatives desk said crypto "sold off through last week without a clear catalyst," pointing to absent demand, Strategy disclosing zero BTC purchases, STRC trading below par, and a lack of retail interest.
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How are oil prices affecting the macro backdrop for crypto?
Oil rose more than 3% on Monday after the U.S. and Iran traded strikes and Israel moved deeper into Lebanon, with stalled efforts to reopen the Strait of Hormuz adding to the supply risk premium.
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Why could crypto underperform equities further from here?
Global stock indexes keep hitting fresh highs on AI-driven enthusiasm while digital assets bleed. With ETF outflows persisting and retail demand absent, crypto is exposed to further relative underperformance versus the S&P and Nasdaq.
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