News of easing geopolitical tensions has provided temporary relief to the crypto market. Multiple media outlets reported that the United States and Iran are nearing an agreement to extend the ceasefire arrangement by another 60 days and are discussing the resumption of shipping through the Strait of Hormuz. As a result, oil price pressures have eased, market risk appetite has improved, and Bitcoin and Ethereum have stabilized after sharp declines the previous day.
As of Friday, CoinGecko data showed the total cryptocurrency market capitalization held steady at approximately $2.56 trillion, after declining nearly 4% in the previous trading session. Bitcoin rebounded above $73,000 after briefly dipping to the $72,600–$73,000 range; Ethereum fluctuated around $2,000, having previously slipped below this key psychological level. Volatility for major tokens such as SOL, XRP, BNB, and DOGE also moderated compared to the previous day.
Clearing pressure has significantly decreased
The previous day's sharp decline triggered one of the largest derivatives liquidations in recent months. According to CoinGlass data, the total crypto market liquidations over the past 24 hours amounted to approximately $217 million, significantly lower than the $941 million recorded on the previous trading day. The distribution of long and short liquidations has also become more balanced, indicating that the forced liquidations driven by one-sided selling are easing.
As markets stabilize, traditional risk assets are also rebounding. Japan’s Nikkei 225 rose 2.5% on Friday, while Hong Kong’s Hang Seng Index gained 0.5%, as capital flows back into technology and growth sectors. This shift has also helped crypto assets halt their short-term decline.
ETF funds continue to flow out
However, institutional funds have not simultaneously rebounded. According to SoSoValue data as of May 29, U.S. spot Bitcoin ETFs recorded a net outflow of $228 million, marking the ninth consecutive trading day of outflows. The previous trading day saw an outflow of $733 million, the highest single-day outflow since the beginning of the year.
Based on the current streak of outflows, spot Bitcoin ETFs have cumulatively seen approximately $2.85 billion in outflows. Ethereum ETFs are also under pressure, with a net outflow of $121 million on Thursday, extending the streak of consecutive outflows to 13 trading days—the longest such period since March 2025.
On-chain data also shows that, following the recent decline, more holders have entered an unrealized loss zone. According to Glassnode data, the amount of Bitcoin in a loss position increased by approximately 580,000 BTC during this pullback, rising from around 7.75 million to 8.33 million. The corresponding cost basis is primarily concentrated between $72,900 and $76,600, suggesting this range may transition from a support level to an area of concentrated selling pressure.
$6.1 billion in options expire today
Traders are currently monitoring Bitcoin options contracts expiring today on Deribit. Platform data shows that approximately 83,660 Bitcoin options are set to expire today, with a notional value of around $6.1 billion, and the maximum pain price is near $75,000.
Looking at the open interest distribution, the largest concentration of call options is at the $80,000 strike price, while the largest concentration of put options is near the $75,000 level, making these two price points the primary observation zones for short-term trading.
Meanwhile, U.S. inflation data continues to dampen market expectations for policy easing. The April Personal Consumption Expenditures Price Index showed overall inflation rising 3.8% year-over-year, while core PCE increased 3.3% year-over-year. Energy prices rose 17.9% year-over-year, linked to disruptions from the conflict with Iran. Although core PCE rose only 0.2% month-over-month, below market expectations, traders have significantly reduced their bets on a Fed rate cut in 2026.