Bitcoin Pauses Near $80K After $268M ETF Outflows

Bitcoin stalled near $80,000 on Friday after US-listed spot Bitcoin ETFs recorded $268 million in net outflows on Thursday and roughly $270 million of leveraged bullish futures bets were liquidated within 24 hours following a rejection at about $82,500.

The ETF outflows ended a four-day streak of inflows. The S&P 500 reached an all-time high on Friday and the Russell 2000 traded within 2% of its record peak.

Quarterly results from major retail platforms showed declines in crypto-related business. Coinbase reported a 31% drop in revenue versus the first quarter of 2025. Robinhood disclosed a 47% fall in crypto-related revenue over the same period.

Derivatives positions and top-trader behavior showed more cautious positioning. The largest traders at Binance reduced long positions to the lowest level in over four weeks. On OKX, whales and market makers had added bullish exposure when Bitcoin moved above $80,000 earlier in the week and then trimmed those positions on Friday. The long-to-short ratio among top traders at OKX was about 0.27, down from roughly 1.20 ten days earlier.

Two macro factors cited by market participants are a weaker US dollar and larger US government debt. The dollar has lost ground against other major currencies over the past two months. Higher oil prices are among factors that market participants say have reduced the relative appeal of US Treasuries for some investors.

Expectations that Kevin Warsh will replace Jerome Powell as Federal Reserve chair have entered market discussion. Warsh has reported cryptocurrency holdings and previously expressed favorable views on digital assets. Separately, some investors and analysts are tracking speculation that a US Strategic Bitcoin Reserve could accumulate BTC through budget-neutral mechanisms; betting markets assign modest odds to the US adding Bitcoin to reserves by 2027. Treasury officials have previously discussed budget-neutral strategies for asset purchases.

Market participants are watching ETF flows, retail engagement, derivatives positioning and any policy signals related to crypto holdings or reserve strategies for indications of near-term direction.