Bitcoin Slips Under $73,000 as BlackRock's IBIT Posts Record One-Day Outflow

Bitcoin fell below $73,000 early May 28 as the crypto market sold off, coinciding with the biggest single-day net withdrawal from U.S. spot Bitcoin ETFs since late January. Nick Ruck, Director of LVRG Research, said the move reflects a risk-off turn after recent highs, with profit-taking and broader macro caution tied to rising U.S. Treasury yields and geopolitical headlines. Analysts also pointed to rotation into traditional financial stocks. The break of key technical levels set off heavy derivatives liquidations, amplifying downside pressure. Data shows U.S. spot Bitcoin ETFs logged $733.4 million in net outflows on Wednesday, the largest one-day outflow since Jan. 29. BlackRock's IBIT accounted for $527.8 million, its biggest single-day outflow since launch. Six other funds, including Grayscale's GBTC, also recorded net redemptions. Only Morgan Stanley's MSBT posted a net inflow, at $4.3 million. Market watchers attributed the withdrawals to the unwinding of basis trades and broader institutional de-risking, with IBIT's record outflow also linked to large transactions the prior day. Peter Chung, Head of Research at Presto Research, said Bitcoin has shown a "unique trading pattern" since mid-May, declining consistently for two weeks and lagging risk assets such as the S&P 500 and Nasdaq, largely due to spot ETF outflows. Analysts are watching ETF flow data closely and tracking support near $70,000, warning that sustained redemptions could indicate institutions are further adjusting crypto allocations. In broader markets, Asian equities opened lower Thursday, with Hong Kong's Hang Seng Index and Japan's Nikkei 225 both down amid renewed strikes by the United States and Iran and a fragile ceasefire backdrop.