#TradFi交易分享挑战

Bitcoin ETF Continues Nine Days of Net Outflows of $2.8 Billion

Bitcoin has been fluctuating around $73k this week. Continuous outflows from spot ETFs, slowing on-chain large holder accumulation, combined with concentrated option expirations, keep short-term market sentiment under pressure.

1. ETF Continues 9 Days of Net Outflows

The US spot Bitcoin ETF experienced a net outflow of $229 million on May 28, marking nine consecutive trading days of fund withdrawals. According to SoSoValue data, the total net outflow this week is about $1.3 billion, which may also be the third consecutive week of net fund outflows.

Ongoing redemptions are weakening short-term liquidity in the spot market and lowering risk appetite. Until funds show clear signs of returning, Bitcoin’s rebound momentum remains limited.

Net outflow of $229 million on May 28 alone

Total net outflow of about $1.3 billion this week

Nine consecutive trading days of net outflows

2. On-Chain Large Holders’ Accumulation Stalls

On-chain data also shows that the accumulation activity of major coin-holding groups has significantly slowed. CryptoQuant pointed out that medium-sized holder addresses have been showing lower high points since September 2025, while whale addresses’ balances have remained basically flat since February 2026.

This situation typically indicates weakening buying pressure at high levels. When both medium holders and whales stop expanding their positions simultaneously, the market is more likely to enter a weak consolidation phase.

3. Option Expirations Amplify Volatility

Glassnode states that Bitcoin recently tested the $75k level again. This area is where options positions are heavily concentrated, which can amplify price fluctuations. Subsequently, BTC fell back below $73k, approaching $72.5k at one point during trading.

Greeks.live disclosed that on May 29, there were 84k BTC options expiring, with a notional value of about $6.2 billion; at the same time, 639k ETH options expired, with a notional value of approximately $1.28 billion. Institutions believe this pullback is more like a consolidation of long positions rather than a complete trend reversal.

BTC options expiration scale: 84k contracts

BTC options notional value: approximately $73k

Maximum pain point at $75k

Implied volatility from options shows that short-term volatility spiked at times, but longer-term implied volatility has pulled back, indicating some traders view this decline as a temporary adjustment. However, as long as market liquidity does not improve and macro news or approaching expirations cause disturbances, larger fluctuations are still possible.

Currently, market focus is on two points: first, whether ETF funds will resume net inflows; second, whether Bitcoin can retake $75k. If it falls below $70k, selling pressure could intensify further; if it re-establishes above $80k, it would be more conducive to attracting spot and derivatives funds back into the market. $JNJ