BTC Hits Record 9-Day ETF Outflow Streak as Risk Assets…

Bitcoin is diverging from the broader risk-asset rally in a way that looks crypto-specific: while equities and commodities lifted on reports that U.S.-Iran negotiations could reopen the Strait of Hormuz, BTC slipped toward $73,000 and spot ETFs logged a record ninth consecutive day of net outflows.

Glassnode flagged that inflows and spot demand remain too weak to sustain a move above cost-basis levels near $78,000, with the realized profit/loss ratio sitting at 1.56 — below the thresholds typical of stronger bull markets. On Polymarket, traders are pricing a strong probability that BTC closes May between $72,000 and $76,000.

The widely cited long-term holder supply record of 15.8 million BTC, tracked by CryptoQuant, may be less bullish than it appears.