Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses. Dark clouds are gathering over Bitcoin as institutional investors shed $2.43 billion in BTC from Exchange-Traded Funds (ETFs) over the last month, and the US and Korean crypto premium indices flip negative amid the AI and chip rally.
Bitcoin ETFs record their largest monthly outflow in 2026
Traditional financial institutions in the crypto market have become a price-dictating factor due to their large investment pool. Typically, inflows fuel or support recovery while outflows reduce retail sentiment, further worsening the pullback.
CoinGlass data show institutions are reducing their Bitcoin exposure at a record pace, with total net assets dropping to $94.17 billion in May, from $100.53 billion a month earlier. BTC-focused ETFs recorded $1.42 billion in outflows last week, marking the third consecutive weekly outflow of over $1 billion and the largest monthly amount of $2.43 billion so far in 2026.
AI and Chip stocks outshine Bitcoin in the US and Korea
Consistent outflows from Bitcoin ETFs suggest investors could be pulling capital away from crypto toward the stock market amid a rally in AI and chip stocks. CryptoQuant data show that the Bitcoin Premium Index, which tracks the price difference between the domestic and decentralized markets, has flipped negative. In the US market, Coinbase’s premium is down to -0.13, indicating softened demand among retail American investors.
Similarly, the Korea Premium Index, which tracks demand in the South Korean retail market, has dropped to -2.29, its lowest level since December 2024.
Technical outlook: Will Bitcoin break below $70,000?
Bitcoin trades below $73,000 at press time on Monday, risking a drop below a short-term consolidation range between Thursday’s high of $74,590 and low of $72,582. The intraday pullback risks a downside breakout below $72,582, which could threaten the rising support trendline near $71,300 and the April 12 low at $70,505. Beyond this, the next line of defense for King Crypto emerges at the lows of March 29 and February 6 at $65,000 and $60,000, respectively.
Bitcoin maintains a bearish near-term bias below the key Exponential Moving Averages (EMAs), which are now reinforcing a corrective tone. Momentum stays heavy as the Relative Strength Index (RSI) at 34 edges toward the oversold territory on the daily chart. At the same time, the Moving Average Convergence Divergence (MACD) extends a negative slope below its signal and zero lines, suggesting downside pressure is still dominant.
On the topside, immediate resistance is at the 50-day and 100-day EMAs at $76,087 and $76,629, which act as a broader bullish validation level that buyers would need to reclaim to reassert a stronger uptrend. Meanwhile, the 200-day EMA up at $81,945 marks a more distant structural barrier.
(The technical analysis of this story was written with the help of an AI tool.)
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