Bitcoin underperforms risk assets as record 9th day of ETF outflows signal waning demand
Bitcoin is stabilizing near $73,500, about 10% below its monthly high of $81,000. Data suggests the stall reflects a shortage of new buyers rather than a plethora of sellers. Risk assets broadly advanced after reports that U.S.-Iran negotiations could reopen the Strait of Hormuz, a vital oil passageway, lifted sentiment. “The expectations of a de-escalation in geopolitical tension and the normalization of the Strait of Hormuz are reducing pressure on oil prices,” analysts at Spanish lender Bankinter wrote in a market note. Against that supportive backdrop, bitcoins weakness looks crypto-specific. Long-term holder supply has reached a record 15.8 million $BTC, according to CryptoQuant, normally a bullish signal because it reflects coins held rather than traded. The firm argued the record may be hollow, reflecting slowing market turnover rather than conviction. Short-term holder supply has fallen about 2.2 million $BTC since December. That includes roughly 900,000 $BTC of Coinbase reserves that crossed the 155-day long-term-holder threshold by sitting still. The record is partly an artifact of inactivity, not fresh buying. Demand from spot bitcoin ETFs, a key driver of the past two years rally, has cooled. Glassnode said inflows and spot demand remain too weak to sustain a move above cost-basis levels near $78,000. Net outflows