Bitcoin Falls Below $75,000 After $1.88B BTC ETF Outflows

Bitcoin dropped below $75,000 on Wednesday after institutional investors withdrew $1.88 billion in net flows from bitcoin exchange-traded funds since May 15, and most major altcoins weakened as sellers weighed on prices.

Farside Investors’ data show the $1.88 billion net outflow from BTC ETFs over the past two weeks. Glassnode wrote on X that ETF outflows on nearly every trading day since May 7 add supply without a visible demand offset. Asset manager Bitwise reported that bitcoin’s market-value-to-realized-value (MVRV) sits at about 1.42, a level lower than roughly 64% of past readings; Bitwise also noted that about 99% of historical Nasdaq-100 price-to-book ratios were below current levels.

Technical indicators for bitcoin point to selling on relief rallies. The price turned down from the 20-day exponential moving average near $77,400 and is testing a support band between roughly $76,000 and $74,289. Traders say a break below that zone could send bitcoin toward a support line near $70,500. A recovery above the 20-day EMA would open a path toward $82,000 and $84,000.

One large holder appears to have been buying during the pullback. Blockstream CEO Adam Back posted on X that a whale used a time-weighted average price strategy to acquire about 450 bitcoins per day over the past eight and a half days.

Ether is trading near the $2,000 psychological level and has not reclaimed a key support line. If $2,000 gives way, ether could decline to the $1,916–$1,750 zone. A move above its moving averages would be required to target $2,465 and the channel’s resistance.

BNB is near its 20-day EMA at about $652 while bears press the market. A drop below the 20-day EMA and the 50-day simple moving average at roughly $636 could open a path to $610 and then $570. On the upside, clearing $687 would set targets at $730 and $790.

XRP is drifting toward a $1.27 support level, with short-term resistance at the 20-day EMA near $1.37 and a downtrend line. A break below $1.27 could push XRP to $1.11 and then $1.00. A close above the downtrend line and a move through $1.61 would be needed to mark a trend reversal.

Solana is trading between its 20-day EMA around $86.42 and support at $82.65. A break below $82.65 could lead to $76, while a recovery above the 20-day EMA would likely keep SOL range-bound near $76 to $98. Dogecoin has failed to clear its 20-day EMA near $0.10; sellers are attempting to push DOGE below $0.10, exposing $0.09 and $0.08 as potential support. A decisive close above $0.12 would be required to resume a sustained uptrend.

Smaller tokens show mixed technicals. Hyperliquid pulled back from $64.93 and is defending a breakout level near $59.41; holding that level could set a run toward $77, while a break would likely test the 20-day EMA near $52 and the 50-day SMA near $45. Zcash fell from $690 and is under pressure below its 20-day EMA at about $571, which could send it toward $486 and the 50-day SMA near $457 unless buyers push it back above $690. Cardano remains below its moving averages with sellers aiming for $0.22 support; a close above $0.31 or below $0.22 would likely define the next trending move. Monero has traded in an ascending channel and recently bounced off its 50-day SMA near $378; a break above the channel’s downtrend line would point to further gains, while a drop below the 50-day SMA would risk a move to the channel’s support.

Market participants and on-chain analysts are monitoring ETF flows and key moving averages for indications of where demand may return. Traders reference the persistent ETF outflows and current technical structure when assessing near-term market conditions.