Bitcoin drops over 6% in the short term, ETF outflows and derivatives data warn of downside risk

Bitcoin quickly fell from around $82,000 to approximately $76,800, a short-term decline of about 6%. Data shows that this adjustment is not merely a technical correction, but multiple indicators point to potential greater downside pressure.
Since May 7, US spot Bitcoin ETFs have experienced net outflows of over $1.5 billion, with a single-day outflow of $648 million on Monday, the largest since January 29. The cumulative volume delta (CVD) has turned negative in both spot and perpetual contract markets, indicating active selling by both buyers and sellers. In the options market, the delta skew increased from 10.9% to 14.4%, with put options gaining relative to call options, suggesting traders are increasing downside hedges.
The current Bitcoin price correction, coupled with ongoing institutional fund outflows, increased active selling pressure in spot and futures markets, and rising demand for downside protection in options markets, indicates growing market concerns about further declines. Short-term support levels are around $76,000, followed by the $74,000–75,000 range. If these key levels are broken, deeper adjustments could be triggered. Cryptocurrency assets are influenced by macro liquidity, capital flows, and derivatives market sentiment, and volatility risks remain.
The above content is based on publicly available market data for reference only and does not constitute any investment advice or financial opinion.