Bitcoin Holds Above $77,000 as Oil Stabilizes, ETF Outflows Weigh
Summary
- Cointelegraph reported that Bitcoin reclaimed the $77,000 level as international oil prices stabilized.
- It said about $2 billion of net outflows from U.S. spot Bitcoin ETFs over the past seven trading sessions had emerged as a bearish factor.
- Cointelegraph said signs of weakening investor sentiment were emerging, with rising Treasury yields and Bitcoin put-option volume running 42%% above call-option volume.
Forecast Trend Report by Period
Bitcoin held above $77,000 as international oil prices stabilized, though outflows from U.S. spot exchange-traded funds and concerns about slowing growth remained a drag on the market.
Cointelegraph reported on May 20 that Bitcoin had regained the $77,000 level. It said Brent crude's recent drop below $108 a barrel had helped ease pressure across risk assets.
Outflows from U.S. spot Bitcoin ETFs remained a bearish factor. Data from SoSoValue showed about $2 billion of net outflows from U.S.-listed spot Bitcoin ETFs over the past seven trading sessions.
Rising U.S. Treasury yields also added pressure. The 10-year Treasury yield ended May 19 at 4.67%, up 8 basis points from the previous session. It touched 4.69% intraday, the highest level since January 2025.
The 30-year Treasury yield also climbed as high as 5.20% intraday on May 19, the first time since July 2007. Cointelegraph said the Treasury market was reflecting concern over how much room the Federal Reserve has to respond to an economic slowdown.
The options market also pointed to weaker sentiment. On crypto options exchange Deribit, Bitcoin put-option volume was 42% higher than call-option volume as of May 19. Cointelegraph said that showed investor sentiment had weakened compared with the period when Bitcoin recently rose to around $82,000.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
