Bitcoin slid below $71,000, a level it hasn’t breached since mid-April.
For context, Bitcoin opened at roughly $70,741 on April 13. That was the last time the price sat this low, and it came during a stretch when escalating US-Iran tensions and surging oil prices sent risk assets scrambling.
What’s driving the decline
ETF outflows picked up meaningfully in May, with institutional products seeing significant monthly net redemptions. When the biggest pools of new money start pulling back, prices tend to follow.
Whale activity hasn’t helped either. Large holders have been distributing into strength, creating persistent overhead supply that smaller buyers struggle to absorb.
