Bitcoin Struggles to Stay Above $80,000 as Spot Demand Stays Soft and ETF Outflows Persist
Odaily Planet Daily reports that Bitcoin slipped below $78,000 on Thursday as doubts grow over the market's ability to mount a meaningful rebound. Bitcoin spot ETFs have logged net outflows for four straight sessions. Early this week, roughly $584 million in long positions were liquidated, further weighing on risk appetite. Analysts say BTC is unlikely to hold above $80,000 sustainably in the near term until onchain spot demand improves.
Ethereum is facing heavier pressure. ETH spot ETFs saw a net outflow of $28.1 million today, extending the streak to eight consecutive sessions of withdrawals. Since May 7, ETH ETFs have recorded about $504 million of cumulative outflows across nine trading days, the longest sustained pullback of capital since February.
Derivatives data also points to elevated stress. On Monday, total liquidations in the crypto futures market reached about $657 million, including $584 million from longs, the largest single-day long liquidation since early February. Bitcoin open interest is now about 14% below its May 6 peak, though analysts note leverage has not been fully flushed from the system.
Onchain indicators remain bearish. Glassnode says BTC briefly reclaimed $78,300—the "Realized Market Mean"—during its prior move to $82,000, but has since fallen back below it. Past cycles suggest Bitcoin often needs weeks to months of consolidation in this zone to confirm a shift in the bull-bear structure.
Glassnode data also shows Bitcoin's spot CVD (Cumulative Volume Difference) has been negative for nine consecutive sessions, the longest stretch of net selling since 2026. Hourly BTC spot volume is down about 40% versus the same period in 2025. Separate analysis suggests U.S. investors have been steadily distributing holdings since Q4 2025, while Asian capital has tilted toward accumulation.
Options markets are flashing caution. BTC 25-delta skew has risen from 2.7% to 6.2%, signaling stronger demand for downside hedges. Around $2.5 billion in short gamma exposure is concentrated at the $75,000 strike; a move toward that level could intensify volatility as market makers hedge.
Altcoins continue to track Bitcoin overall, with BTC dominance holding near 60%. Still, Hyperliquid and Zcash bucked the trend with double-digit gains, suggesting selective rotation is underway. (The Block)
