Bitcoin Slides Below $73,000 as BlackRock's IBIT Logs Record One-Day Outflow

Bitcoin fell below $73,000 on Thursday morning as the crypto market sold off, coinciding with the biggest one-day net withdrawal from U.S. spot Bitcoin ETFs since late January. Nick Ruck, director of LVRG Research, said the sharp pullback reflects a shift to risk-off positioning after recent highs, with profit-taking compounded by macro caution tied to rising U.S. Treasury yields and geopolitical headlines. Analysts also pointed to a rotation of capital into traditional financial stocks. Once key technical levels gave way, broad derivatives liquidations added to downside pressure. ETF flow data showed U.S. spot Bitcoin ETFs posted a $733.4 million net outflow on Wednesday, the largest single-day outflow since January 29. BlackRock's IBIT accounted for $527.8 million of that total, its biggest one-day outflow since launch. Six other funds, including Grayscale's GBTC, also recorded negative flows. Morgan Stanley's MSBT was the lone gainer, taking in $4.3 million. Analysts attributed the redemptions to the unwinding of basis trades and institutional de-risking, with IBIT's record outflow also linked to large trades the prior day. Peter Chung, research director at Presto Research, said Bitcoin has shown a "unique trading pattern" since mid-May, falling consistently over the past two weeks and lagging risk assets such as the S&P 500 and Nasdaq, largely due to spot ETF outflows. Market participants are watching ETF flows closely along with Bitcoin's support near $70,000, warning that persistent outflows could point to further institutional rebalancing of crypto exposure. In broader markets, Asian equities opened lower Thursday. Hong Kong's Hang Seng Index and Japan's Nikkei 225 both fell after renewed strikes between the U.S. and Iran amid a fragile ceasefire agreement.