Overview
- Bitcoin pulled back after a rejection near $82,800 and briefly slipped under $80,000, with trades reported as low as about $79,250 before stabilizing around the $80,000 mark.
- U.S. spot Bitcoin ETFs logged roughly $3.8 billion of net inflows over five weeks to a record ~$108.76 billion in assets, yet SoSoValue data shows $277.5 million of outflows on Thursday that broke a five-day streak.
- Glassnode says bitcoin has reclaimed key on-chain levels — the True Market Mean near $78,200 and the short‑term holder cost basis around $79,100 — with the next major supply zone near the Active Realized Price around $85,200.
- Profit-taking has accelerated, with realized gains hitting the highest since December and an estimated 14,600 BTC sold in profit on May 4, while leveraged long positions were flushed and many futures traders still bet against the price.
- Options data shows the 25‑delta skew moving toward neutral as traders unwind put hedges, and analysts warn ETF buying can tighten supply yet fail to lift price right away because issuers often hedge and derivatives positioning adds overhead; key support sits in the $76,000–$79,000 area as Middle East headlines keep swings sharp.