{"id":538614,"date":"2026-05-28T09:55:16","date_gmt":"2026-05-28T08:55:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=538614"},"modified":"2026-05-28T11:33:58","modified_gmt":"2026-05-28T10:33:58","slug":"bitcoin-slips-below-74000-for-the-second-time-in-may-as-on-chain-data-shows-momentum-stalling","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-slips-below-74000-for-the-second-time-in-may-as-on-chain-data-shows-momentum-stalling\/","title":{"rendered":"Bitcoin slips below $74k for the first time since April as on-chain data shows momentum stalling"},"content":{"rendered":"

Bitcoin<\/a> slipped below $75,000 for the second time in May, touching an intraday low near $74,200 as the market's recovery from spring lows lost momentum again.<\/p>\n

The first break came on May 23, when spot ETF outflows and forced liquidations pulled BTC to below $75,000. Then, amid a sell-off in Asian markets, Bitcoin has dipped to $73,600 as of press time, with a low of $72,600.<\/p>\n

Glassnode's May 27 report frames both moves as symptoms<\/a> of Bitcoin stabilizing above its deeper-cycle support, but the market's<\/a> $75,000-$78,000 band has become a bottleneck, with spot demand, ETF flows<\/a>, and options positioning all retreating too far to drive a convincing recovery.<\/p>\n

That band sits directly beneath the Short-Term Holder Cost Basis and the True Market Mean<\/a>, both converging near $78,000, and the two on-chain metrics Glassnode identifies as critical for the next leg.<\/p>\n

Trading<\/a> below that cluster leaves the market's most price-sensitive cohort, which are recent buyers clustered close to spot, at breakeven or underwater, extending their exposure without rewarding it and converting them from a support base into a source of potential selling.<\/p>\n

Glassnode<\/a> says dealers have concentrated their positioning around the $75,000-$76,000 strikes for May monthly expiry, with more than $8 billion of negative gamma<\/a> near $75,000.<\/p>\n

\"Bitcoin
A Glassnode-sourced chart showing Bitcoin trapped in a $75,000\u2013$78,000 band, with more than $8 billion in negative gamma concentrated near $75,000.<\/figcaption><\/figure>\n

That exposure forces dealers to sell into falling prices<\/a> and buy into rising prices, compressing the range and making spot unusually reactive to small order flows near the strike.<\/p>\n

Price had already stalled at the $78,000 wall before the expiry overhang built, pointing to demand failure rather than mechanical hedging as the primary driver of the range.<\/p>\n

What the on-chain data shows<\/h2>\n

Glassnode's Spot Volume Delta rolled back toward sell-side dominance in recent sessions, erasing a brief recovery from earlier in May as BTC pulled away from the low-$80,000 region.<\/p>\n

ETF flows drove the earlier rally and have now reversed it, with US spot Bitcoin ETFs<\/a> shedding roughly $2.26 billion over two weeks through late May, with Farside Investors'<\/a> daily data showing outflows<\/a> of $648.6 million on May 18, $331.1 million on May 19, $105.2 million on May 22, and $333.6 million on May 26.<\/p>\n

Glassnode cites constrained liquidity, elevated yields, oil price volatility, a firm dollar, and unresolved Iran-related geopolitical uncertainty as forces keeping Bitcoin<\/a> correlated with global risk appetite.<\/p>\n\n\n\n\n\n\n\n\n\n\n
Pressure point<\/th>\nCurrent signal<\/th>\nWhy it matters<\/th>\n<\/tr>\n<\/thead>\n
Spot demand<\/td>\nSpot Volume Delta rolling back toward sell-side dominance<\/td>\nBuyers are not absorbing supply aggressively<\/td>\n<\/tr>\n
ETF flows<\/td>\nRoughly $2.26B in outflows over two weeks<\/td>\nRemoves a key structural bid<\/td>\n<\/tr>\n
Options positioning<\/td>\nMore than $8B negative gamma near $75K<\/td>\nAmplifies moves around the strike<\/td>\n<\/tr>\n
Macro liquidity<\/td>\nElevated yields and constrained liquidity<\/td>\nReduces risk appetite<\/td>\n<\/tr>\n
Dollar \/ oil \/ geopolitics<\/td>\nFirm dollar, oil volatility, Iran uncertainty<\/td>\nKeeps BTC trading like a risk asset<\/td>\n<\/tr>\n
On-chain capital flows<\/td>\nRealized P\/L Ratio at 1.56<\/td>\nPositive, but below early bull-market strength<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

US equity funds recorded over $12 billion in outflows in the week ending May 20 as long-term borrowing costs climbed, and BTC closely tracked that deterioration.<\/p>\n

Glassnode's on-chain data places Bitcoin in a partial recovery, lacking the capital flow strength to confirm a bull transition.<\/p>\n

The Realized Profit\/Loss Ratio stands at 1.56, confirming net positive flows since the $60,000 floor, but it sits below the 2-5 range the firm associates with early, persistent bull markets.<\/p>\n

Short-term holder net realized P&L has recovered from -0.44% in February to around -0.02%, showing that recent buyers have climbed out of deep capitulation without accumulating the capital-flow momentum needed to drive expansion above the True Market Mean.<\/p>\n

What $78,000 decides<\/h2>\n

In the bear case, Bitcoin fails to reclaim $78,000 once May options expiry clears, ETF outflows persist, and Spot Volume Delta stays sell-side.<\/p>\n

The negative gamma overhang near $75,000 clears with expiry, but without renewed spot buying or ETF demand, price drifts below $75,000 on a structural basis.<\/p>\n

That outcome forecloses the pre-bull transition Glassnode identifies as plausible and moves the conversation back toward the $60,000 floor.<\/p>\n

The on-chain structure holds, since the Realized P\/L Ratio has been net positive since spring, but a recovery thesis built on fading inflows and retreating spot demand runs out of runway.<\/p>\n

In the bull case, expiry clears the negative gamma overhang, and BTC reclaims $78,000 with spot-led buying rather than a mechanical squeeze.<\/p>\n

Glassnode says that the threshold, consisting of the convergence of the Short-Term Holder Cost Basis and the True Market Mean near $78,000-$78,300, is the level needed to validate a pre-bull transition.<\/p>\n

ETF flows stabilizing or turning positive would give that move structural credibility, and a recovery driven by expiry mechanics alone would leave the same demand gap in place a week later.<\/p>\n\n\n\n\n\n\n\n\n\n
Scenario<\/th>\nBear case: BTC fails below $78K<\/th>\nBull case: BTC reclaims $78K<\/th>\n<\/tr>\n<\/thead>\n
Key trigger<\/td>\nETF outflows persist, spot demand remains sell-side<\/td>\nSpot-led buying returns, ETF flows stabilize<\/td>\n<\/tr>\n
Options impact<\/td>\nGamma pressure clears, but price still cannot recover<\/td>\nExpiry clears pressure and price holds above threshold<\/td>\n<\/tr>\n
On-chain read<\/td>\nNet positive flows remain, but recovery weakens<\/td>\nPre-bull transition becomes more credible<\/td>\n<\/tr>\n
Price implication<\/td>\nSustained break below $75K brings $60K floor back into discussion<\/td>\nLow-$80K region comes back into view<\/td>\n<\/tr>\n
Market message<\/td>\nStabilized, but underbid<\/td>\nRecovery regains credibility<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The macro<\/a> picture also needs to be supported by softer yields, a weaker dollar, or reduced geopolitical uncertainty to provide the external tailwind the internal data cannot supply on its own.<\/p>\n

Below $78,000, the cohort of recent buyers positioned between $75,000 and $80,000 since April is a liability, close enough to spot that any sustained sell-side session can push them into loss-averse selling.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin slipped below $75,000 for the second time in May, touching an intraday low near $74,200 as the market’s recovery from spring lows lost momentum again. The first break came on May 23, when spot ETF outflows and forced liquidations pulled BTC to below $75,000. Then, amid a sell-off in Asian markets, Bitcoin has dipped […]<\/p>\n","protected":false},"author":1511,"featured_media":538659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,78665,77968,77911,79312],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin slips below $74k for the first time since April as on-chain data shows momentum stalling<\/title>\n<meta name=\"description\" content=\"Bitcoin has fallen below $75,000 for the second time in May as ETF outflows, weak spot demand, macro pressure, and crowded options positioning around month-end keep the market pinned below an important recovery level.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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