Bitcoin fell below $73,000 on Thursday after Iran’s Islamic Revolutionary Guard Corps struck a US airbase in Kuwait. The attack sent a risk-off wave through global markets, pulling the total crypto market cap from $2.54 trillion to $2.45 trillion in a single session.
Bitcoin behaved as a risk asset, not a safe haven. Gold rose and oil climbed above $94 as BTC fell — a clear split that reflects how institutional allocators respond to geopolitical stress.
Liquidations added fuel to the drop. Over $900 million in crypto liquidations hit in 24 hours, with $873 million from long positions. Forced selling from leveraged traders pushed prices lower faster than ETF outflows alone would have.
Analyst CryptoOnChain noted that BTC’s slide to $72,500 came after weakening spot demand and overstretched long positioning in derivatives. The Coinbase premium index posted a -1,083% deviation from its three-month average — one of the deepest discounts recorded since 2025. The premium gap fell to -$94.95, meaning US-based traders were selling below offshore prices.
Crypto analyst CryptoOnChain also pointed out that Binance funding rates climbed 781% above their three-month average before BTC lost the $75,000 level — a sign that speculation had been building before the flush.
Thursday’s session logged over $800 million in combined Bitcoin and Ethereum ETF outflows — the largest single-day net redemption in weeks. Wednesday had already seen $737.70 million leave Bitcoin ETFs and $67.10 million from Ethereum funds.
Crypto ETF Flows — May 28
Another weak day for ETF demand…$BTC: -$223M$ETH: -$121M$SOL: +$1M
Bitcoin and Ethereum saw fresh outflows, while Solana stayed in positive territory
pic.twitter.com/xIIVtvz7zm
— CoinCentral (@realcoincentral) May 29, 2026
That puts the combined two-day figure above $870 million, and the eight-session streak is one of the most sustained institutional withdrawal runs since US spot Bitcoin ETFs launched.
The Crypto Fear and Greed Index dropped to 31 on Thursday, placing it firmly in “Fear” territory.
Not everyone is selling. Long-term holders now control 84.3% of Bitcoin’s circulating supply — matching levels seen when BTC traded between $105,000 and $126,000 in Q3 2025.
Realized losses have also dropped. The 30-day moving average fell to $12.85 million on May 26, down from $56 million on February 19. That points to less panic selling near current levels.
Binance spot volumes have also cooled sharply — dropping to $36.4 billion from $198.6 billion in October 2025, an 81% decline. Lower volume means fewer coins actively changing hands, which can reduce immediate sell pressure.
One analyst on X outlined the key technical levels: Bitcoin is consolidating at the lower boundary of an ascending channel active since February, where the channel floor aligns with both the 100-day SMA and the 23.6% Fibonacci retracement. The cluster between $73,000 and $71,300 is the structural floor to watch. If buyers hold that zone, a move back toward $77,000 or $79,500 is possible. A drop below $71,300 could open a value window near the February base around $60,000.
Bitcoin $BTC reached a major support zone!
The price is currently consolidating right at the lower boundary of an ascending channel that has guided Bitcoin since February. What makes this area significant is that the channel floor aligns with both the 100-day SMA and the 23.6%… pic.twitter.com/HRPTmyByYA
— Ali Charts (@alicharts) May 28, 2026
The next firm support sits at $70,500–$71,000. A daily close below $70,000 would bring the 200-day EMA near $68,000 into play.
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