According to CoinMarketCap data, Bitcoin’s price slipped to $103,700, a 2% drop over 24 hours. This comes just days after it hit an all-time high of $111,970 on May 22.
At the same time, U.S. spot Bitcoin ETFs recorded $616 million in outflows, led by BlackRock’s iShares Bitcoin Trust (IBIT), which saw $430.8 million redeemed, ending its 31-day inflow streak. Is this a healthy market correction or the start of a broader crypto downturn?
Bitcoin ETF Outflows Signal Changing Sentiment
On May 30, the 11 U.S. spot Bitcoin ETFs collectively saw $616.1 million leave their funds according to Farside Investors data. BlackRock’s IBIT alone accounted for $430.8 million—the largest single-day outflow since its January 2024 debut.
ETF analyst Nate Geraci noted on X that IBIT has now amassed roughly $70 billion in Bitcoin holdings since launch, calling the recent fund flows “ridiculous.”
Kyle Chasse of Master Ventures said the outflows are not driven by retail panic but rather reflect a “quiet transfer of supply to the strongest hands.”
Source: X
These outflows coincide with Bitcoin’s pullback from its May 22 peak. After surging to $111,970, BTC briefly traded near $108,141 on May 23 before sliding toward $103,700 on May 30.
ETF flows and price action appear tightly linked; heavy redemptions placed downward pressure on spot markets, reversing mid-May gains.
Bitcoin’s late-May drop also reflects broader macroeconomic factors. On May 30, the total cryptocurrency market cap fell 2.12% to $3.34 trillion.
Investors cite renewed geopolitical tensions and U.S. economic concerns as reasons to reduce risk exposure. High Treasury yields and talk of inflationary headwinds have slowed appetite for volatile assets.
In traditional markets, the S&P 500 slipped 0.7% on May 22 while Bitcoin hit $111,970, showing a rare decoupling between stocks and crypto.
However, equities and crypto felt pressure by the month’s end. The Crypto Fear & Greed Index fell from 78 (“Extreme Greed”) on May 22 to 66 (“Greed”) by May 30, signaling a slight cooling of investor enthusiasm.
Bitcoin has a history of sharp corrections after rapid rallies. After climbing from $60,000 to $69,000 in October 2021, BTC plunged 20% in two days, retracing gains before consolidating. Similarly, following its $69,000 peak in November 2021, BTC fell below $50,000 by January 2022—over a 27% drop.
The May 2025 dip to $103,700 marks roughly a 7% pullback from the $111,970 high. That is modest compared to past corrections. Nonetheless, it underscores Bitcoin’s volatility. Analyst Crypto Dan of CryptoQuant pointed out that funding rates remain low relative to previous peaks, suggesting limited leverage-driven excess.
What’s Ahead for Bitcoin Price?
Traders will watch ETF flows closely in early June. If outflows persist, they may signal waning institutional demand, potentially dragging BTC lower.
BTC/USDT Daily Chart| Source: TradingView
However, many see the late-May redemptions as a temporary rotation rather than a wholesale exit. As Kyle Chasse noted, supply is shifting to long-term holders, which could support price stability once selling subsidies.
Upcoming U.S. macro data—especially the June 13 Consumer Price Index (CPI) report—and any Federal Reserve commentary on interest rates will be crucial. A dovish Fed could buoy risk assets, including Bitcoin. Conversely, hotter-than-expected inflation data might prompt another pullback.
On the technical side, traders are eyeing $100,000 as key psychological support. Below that, the next major support zone lies near $94,000, the mid-April low. If BTC holds above $100,000, it may reclaim momentum and attempt new highs. Failure to hold could open the door to a deeper correction.
For now, Bitcoin’s $103,700 dip appears more like a correction than a meltdown. Institutional flows have swung rapidly, but large holders seem poised to absorb supply. Macro headwinds remain, but they are not unique to crypto.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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