Odaily Planet Daily report: Bitcoin fell below $78,000 on Thursday, as concerns over the market’s ability to rebound continue to grow. Data shows that Bitcoin spot ETFs have experienced net outflows for four consecutive trading days, and approximately $584 million in long positions were liquidated at the start of the week, further suppressing market risk appetite. Analysts believe that, until on-chain spot demand recovers, BTC will struggle to sustainably hold above $80,000 in the short term.
The Ethereum market is under more pronounced pressure. ETH spot ETFs recorded a net outflow of $28.1 million today, marking eight consecutive trading days of capital outflows. Since May 7, ETH ETFs have experienced a cumulative outflow of approximately $504 million over nine trading days, representing the most sustained period of capital withdrawal since February this year.
In the derivatives market, on Monday, the total liquidation amount in the crypto futures market reached approximately $657 million, with long positions accounting for $584 million—the largest single-day long liquidation event since early February this year. Currently, Bitcoin’s open interest has declined by about 14% from its peak on May 6, but the overall leverage structure has not yet been fully reset.
On-chain data also remains bearish. Glassnode notes that Bitcoin briefly reclaimed the key level of $78,300—the "Realized Market Mean"—during its previous rally to $82,000, but has since fallen back below it. Historical cycles indicate that BTC typically needs to consolidate in this range for several weeks to months to confirm a shift in bull-bear structure.
Additionally, Glassnode data shows that Bitcoin’s spot CVD (Cumulative Volume Difference) has been negative for nine consecutive trading days, marking the longest net selling period since 2026; meanwhile, hourly spot trading volume for BTC has declined by approximately 40% compared to the same period in 2025. Analysis indicates that U.S. investors have been consistently distributing their holdings since the fourth quarter of 2025, while Asian capital has shifted toward accumulation.
The options market is also sending cautious signals. The recent BTC 25-delta skew has risen from 2.7% to 6.2%, indicating a significant increase in demand for downside protection. Approximately $2.5 billion in short gamma positions are concentrated at the $75,000 strike price; should BTC decline to this level, market makers’ hedging activities could further amplify volatility.
In the altcoin market, overall price movements continue to follow Bitcoin, with Bitcoin’s market share remaining around 60%. However, Hyperliquid and Zcash posted double-digit gains against the trend, indicating selective capital rotation is underway. (The Block)