Spot Bitcoin ETFs recorded their heaviest weekly net withdrawals since late January, with $1.26 billion leaving over the past five trading days. Monday accounted for nearly $650 million in outflows, and May’s month-to-date total has flipped to about -$1 billion. Bitcoin also slipped into negative territory for May, after printing a monthly low of $74,200 and trading below $75,500.

Bitcoin has spent the past week below the short-term holder (STH) realized price, a cost-basis level highlighted around $80,217. On May 22, analyst Axel Adler Jr said BTC near $77,550 was triggering net realized P/L of about –$176M, with $366M losses versus $190M profits, while Bitcoin was later cited at $75,514, down 2.56% over the past day.

The Coinbase bitcoin premium index fell to -0.085% on May 22, its lowest reading in over a month, signaling softer U.S. institutional demand. Bitcoin was trading around $74,500 at publication, down more than 4% over the week as spot BTC ETFs saw roughly $1.26 billion in outflows and the market recorded $209 million in long liquidations in a single session.

Bitcoin traded at $74,684 early May 23, up about 3.4% over the prior 24 hours, as traders focused on whether BTC can hold the $74,000–$74,200 support area after reversing from $82,833. Volume was about $32.53 billion with an intraday range of $74,344–$77,433, while technicians flagged heavy resistance around $76,500–$77,500 and a majority of moving-average signals leaning bearish.

US spot Bitcoin ETFs saw six consecutive trading days of net outflows totaling $1.26 billion from May 15 through May 22. Santiment argues the pattern has historically acted as a contrarian signal, with heavy outflows often aligning with potential buying opportunities. Bitcoin was around $75,400 when Santiment published its report on May 22.

Peter Schiff said on May 23, 2026 that Bitcoin's $60,000 level may not be a lasting bottom, describing it as a "trap door". Bitcoin touched $60,000 on February 6 and later traded at $74,720, down 3.29% over the prior 24 hours. The article also notes cost-basis levels near $78,200 as resistance and $71,400 as a likely near-term support zone.

The U.S. SEC has cleared Nasdaq to list European-style, cash-settled bitcoin index options on the Philadelphia Stock Exchange under ticker QBTC, offering regulated BTC price exposure without holding bitcoin. The contracts reference the Nasdaq Bitcoin Index and feature a 24,000-contract position limit per side with $0.01 minimum ticks. Trading cannot start until the CFTC grants exemptive relief, and no timeline has been disclosed.

Crypto analyst Chain Mind said Bitcoin may not have set its cycle bottom yet and argued the market has historically not bottomed without first reaching the EMA300. He pointed to 2020 and 2022, when BTC tagged the weekly EMA300 near the cycle low, and suggested a similar setup could imply downside toward the $58,000 area. Bitcoin was quoted around $75,400 at the time of writing, down over 2% in the past 24 hours.