Bitcoin ETF outflows continue, but buying pressure provides limited support.

Huo Xing Finance reports that on May 31, selling pressure on spot Bitcoin ETFs continued to intensify. Following a net outflow of $1.26 billion last week, spot Bitcoin ETFs recorded another $1.42 billion in net outflows this week, pushing BTC briefly down to $72,500. However, on-chain and market data indicate that some funds have begun buying the dip near $70,000. Spot market demand is absorbing part of the selling pressure, providing support for Bitcoin’s price, but the buying volume remains insufficient to reverse the current downward trend. Meanwhile, derivatives market data show that traders have added approximately $300 million in new leveraged long positions in the $73,000–$74,000 range, suggesting some investors are betting on a price rebound. Additionally, the order book bid-ask ratio has turned positive, indicating that the market views BTC below $75,000 as relatively attractive. To propel Bitcoin back into an uptrend, the market still requires new catalysts, including progress on a peace agreement between the U.S. and Iran, a reversal of spot Bitcoin ETF flows back into net inflows, a decline in oil prices, and positive developments regarding a potential U.S. strategic Bitcoin reserve.