- Concerns over a further price drop below $75,000 were stoked by $2 billion in outflows from US-listed spot Bitcoin ETFs in the seven days before Tuesday.
- The Coinbase Premium Index has maintained an upward trend over the last 14 days, indicating consistent buyer demand.
On Wednesday, wider risk markets saw slight reprieve as Bitcoin (BTC) regained $77,000. This came after Brent oil prices slid below $108. Big withdrawals from spot Bitcoin ETFs, nevertheless, have made investors reevaluate the likelihood of more negative risk, particularly in light of continuing concerns about a worldwide economic slump.
It seems that macroeconomic considerations are now influencing the shift in Bitcoin’s price, as it closely mirrored the US small-cap stock index. Concerns over a further price drop below $75,000 were stoked by $2 billion in outflows from US-listed spot Bitcoin ETFs in the seven days before Tuesday. At the time of writing, Bitcoin was trading at $77,246, down 0.19% in the last 24 hours as per data from CMC, after briefly touching $78K mark.
Market Beginning to Stablize
But as Bitcoin (BTC) recovered the upper limits of its range highs, demand on Coinbase suggests that the market is beginning to stabilize. The Coinbase Premium Index has maintained an upward trend over the last 14 days, indicating consistent buyer demand, even though traders have taken $1.14 billion in gains, causing the daily Coinbase premium to hit a six-week low.
May 19 saw the lowest reading of the Coinbase Premium Index since March 31st, falling to -0.087. The fact that Bitcoin was priced cheaper on Coinbase compared to Binance indicates that demand from purchasers in the US is weaker, as the negative premium indicates.
With a price surge to $82,000 and a daily profit of 14,600 BTC ($1.14 billion) for holders on May 4, profit-taking in Bitcoin escalated. As of May 5, unrealized profit margins reached 17.7 percent, the highest point since June 2025, according to CryptoQuant.
Positioning data indicates that the $75,000 and $80,000 levels should be closely monitored, as Bitcoin options on Deribit, with a total value of around $6.25 billion, are scheduled to expire on May 29. The heavy put concentration is at the $75,000 strike, with a notional value of $394 million, while the $80,000 strike leads the call side with a value of $532 million.
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