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On May 31, selling pressure on Bitcoin spot ETFs continued to intensify. Following a net outflow of $1.26 billion last week, this week saw an additional net outflow of $1.42 billion from spot Bitcoin ETFs, pushing BTC to a low of $72,500. However, on-chain and market data indicate that some funds have begun to buy on dips around the $70,000 mark. The buying in the spot market is absorbing some of the selling pressure, providing support for Bitcoin's price, but the scale of buying remains insufficient to reverse the current downward trend. Meanwhile, data from the derivatives market shows that traders have added approximately $300 million in leveraged long positions in the $73,000 to $74,000 range, suggesting that some investors are betting on a price rebound. Additionally, the order book's buy-sell ratio has turned positive, indicating that the market sees some attractiveness in BTC below $75,000. To drive Bitcoin back into an upward trend, the market still needs new catalysts, including progress on the US-Iran peace agreement, a return to net inflows for spot Bitcoin ETFs, a decline in oil prices, and favorable news regarding the US strategic Bitcoin reserves.

[Analysis: Bitcoin's Dip Buying Absorbs Some Selling Pressure, But Downward Trend Remains Unchanged]On May 31, selling pressure on Bitcoin spot ETFs continued to intensify. Following a net outflow of $1.26 billion last week, this week saw an additional net outflow of $1.42 billion from spot Bitcoin ETFs, pushing BTC to a low of $72,500. However, on-chain and market data indicate that some funds have begun to buy on dips around the $70,000 mark. The buying in the spot market is absorbing some of the selling pressure, providing support for Bitcoin's price, but the scale of buying remains insufficient to reverse the current downward trend. Meanwhile, data from the derivatives market shows that traders have added approximately $300 million in leveraged long positions in the $73,000 to $74,000 range, suggesting that some investors are betting on a price rebound. Additionally, the order book's buy-sell ratio has turned positive, indicating that the market sees some attractiveness in BTC below $75,000. To drive Bitcoin back into an upward trend, the market still needs new catalysts, including progress on the US-Iran peace agreement, a return to net inflows for spot Bitcoin ETFs, a decline in oil prices, and favorable news regarding the US strategic Bitcoin reserves.

Analysis: Bitcoin's Dip Buying Absorbs Some Selling Pressure, But Downward Trend Remains Unchanged

On May 31, the Hyperliquid ETF saw a net inflow of $29.6 million on Friday, setting a new historical high. Among this, BHYP had a net inflow of $20.1 million, while THYP recorded a net inflow of $9.5 million. The Hyperliquid ETF has achieved net inflows for 13 consecutive trading days, totaling $136 million. The continuous inflow of funds into the Hyperliquid ETF has driven the strength of HYPE. According to HTX market data, HYPE has increased by over 70% in the past 30 days, currently priced at $68.3.

[Hyperliquid ETF Records 13 Consecutive Days of Net Inflows, Accumulating $136 Million]On May 31, the Hyperliquid ETF saw a net inflow of $29.6 million on Friday, setting a new historical high. Among this, BHYP had a net inflow of $20.1 million, while THYP recorded a net inflow of $9.5 million. The Hyperliquid ETF has achieved net inflows for 13 consecutive trading days, totaling $136 million. The continuous inflow of funds into the Hyperliquid ETF has driven the strength of HYPE. According to HTX market data, HYPE has increased by over 70% in the past 30 days, currently priced at $68.3.

Hyperliquid ETF Records 13 Consecutive Days of Net Inflows, Accumulating $136 Million

On May 31, according to CME's 'Fed Watch' data, the probability of the Federal Reserve maintaining interest rates unchanged until December is 51.8%, while the probability of a cumulative rate cut of 25 basis points is only 0.2%. The probability of a rate hike by the Fed this year has dropped to 48%, with a cumulative rate hike of 25 basis points at 37.9%, a cumulative rate hike of 50 basis points at 9.2%, and a cumulative rate hike of 75 basis points at 0.9%.

[CME Fed Watch: Probability of Fed Rate Hike Drops to 48%]On May 31, according to CME's 'Fed Watch' data, the probability of the Federal Reserve maintaining interest rates unchanged until December is 51.8%, while the probability of a cumulative rate cut of 25 basis points is only 0.2%. The probability of a rate hike by the Fed this year has dropped to 48%, with a cumulative rate hike of 25 basis points at 37.9%, a cumulative rate hike of 50 basis points at 9.2%, and a cumulative rate hike of 75 basis points at 0.9%.

CME Fed Watch: Probability of Fed Rate Hike Drops to 48%

On May 31, according to Defillama data, Polymarket generated $999,000 in revenue over the past 24 hours, surpassing Pump.fun's $848,000, ranking it fifth among crypto protocols. The total revenue of the protocol has exceeded $60 million.

[Polymarket Surpasses Pump.fun in Protocol Revenue Over the Last 24 Hours]On May 31, according to Defillama data, Polymarket generated $999,000 in revenue over the past 24 hours, surpassing Pump.fun's $848,000, ranking it fifth among crypto protocols. The total revenue of the protocol has exceeded $60 million.

Polymarket Surpasses Pump.fun in Protocol Revenue Over the Last 24 Hours

On May 31, the probability of Bitcoin rising to $100,000 this year on Polymarket dropped to 33% (down from 49% on May 10). Additionally, the probability of BTC rising to $90,000 this year is currently reported at 56%, while the probability for a rise to $50,000 stands at 42%.

[Probability of Bitcoin Rising to $100,000 This Year on Polymarket Drops to 33%]On May 31, the probability of Bitcoin rising to $100,000 this year on Polymarket dropped to 33% (down from 49% on May 10). Additionally, the probability of BTC rising to $90,000 this year is currently reported at 56%, while the probability for a rise to $50,000 stands at 42%.

Probability of Bitcoin Rising to $100,000 This Year on Polymarket Drops to 33%

[Polymarket Surpasses Pump.fun in Revenue Over the Last 24 Hours]On May 31, according to Defillama data, Polymarket generated $999,000 in revenue over the past 24 hours, surpassing Pump.fun's $848,000, ranking it fifth among crypto protocols. The total revenue of the protocol has exceeded $60 million.

Polymarket Surpasses Pump.fun in Revenue Over the Last 24 Hours

On May 31, Israeli Defense Minister Katz stated that the Israeli military will maintain a presence at the strategically important Bofor Castle in southern Lebanon as part of the so-called 'security zone' in southern Lebanon. Katz noted that after 26 years since Israel's withdrawal from the 'security zone' in Lebanon, the Israeli flag has been raised again on the heights overlooking the Galilee region. He mentioned that the military has re-established 'control' over Bofor Castle and will continue to be stationed there. Katz also indicated that controlling Bofor Castle and expanding ground military operations sends a 'clear signal' to adversaries, stating that 'anyone threatening Israeli civilians will gradually lose their strategic assets.' (CCTV News)

[Israel to Deploy Troops at Bofor Castle to Establish 'Security Zone' in Southern Lebanon]On May 31, Israeli Defense Minister Katz stated that the Israeli military will maintain a presence at the strategically important Bofor Castle in southern Lebanon as part of the so-called 'security zone' in southern Lebanon. Katz noted that after 26 years since Israel's withdrawal from the 'security zone' in Lebanon, the Israeli flag has been raised again on the heights overlooking the Galilee region. He mentioned that the military has re-established 'control' over Bofor Castle and will continue to be stationed there. Katz also indicated that controlling Bofor Castle and expanding ground military operations sends a 'clear signal' to adversaries, stating that 'anyone threatening Israeli civilians will gradually lose their strategic assets.' (CCTV News)

Israel to Deploy Troops at Bofor Castle to Establish 'Security Zone' in Southern Lebanon

On May 31, the Hyperliquid ETF recorded a net inflow of $29.6 million on Friday, setting a new historical high. Among this, BHYP saw a net inflow of $20.1 million, while THYP had a net inflow of $9.5 million. The Hyperliquid ETF has achieved net inflows for 13 consecutive trading days, totaling $136 million. The continuous inflow of funds into the Hyperliquid ETF has strengthened HYPE. According to HTX market data, HYPE has increased by over 70% in the past 30 days and is currently priced at $68.3.

[Hyperliquid ETF Sees 13 Consecutive Days of Net Inflows, Accumulating $136 Million]On May 31, the Hyperliquid ETF recorded a net inflow of $29.6 million on Friday, setting a new historical high. Among this, BHYP saw a net inflow of $20.1 million, while THYP had a net inflow of $9.5 million. The Hyperliquid ETF has achieved net inflows for 13 consecutive trading days, totaling $136 million. The continuous inflow of funds into the Hyperliquid ETF has strengthened HYPE. According to HTX market data, HYPE has increased by over 70% in the past 30 days and is currently priced at $68.3.

Hyperliquid ETF Sees 13 Consecutive Days of Net Inflows, Accumulating $136 Million

On May 31, according to monitoring by HyperInsight, Loracle has again reduced its HYPE short position by $16 million, leaving a remaining holding of 1.301 million HYPE (worth approximately $89 million), with an unrealized loss exceeding $30 million. On the other hand, Loracle has increased its long positions in ZEC, TON, and ASTER by a total of about $6.5 million, and the positions are still increasing.

[Loracle Reduces HYPE Short Position by $16 Million, Increases Long Positions in ZEC, TON, and ASTER]On May 31, according to monitoring by HyperInsight, Loracle has again reduced its HYPE short position by $16 million, leaving a remaining holding of 1.301 million HYPE (worth approximately $89 million), with an unrealized loss exceeding $30 million. On the other hand, Loracle has increased its long positions in ZEC, TON, and ASTER by a total of about $6.5 million, and the positions are still increasing.

Loracle Reduces HYPE Short Position by $16 Million, Increases Long Positions in ZEC, TON, and ASTER

Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, dropped by 5% today. This brought it down to 27.69 T – the level last seen in mid-March this year.Notably, the last time difficulty dropped close to this percentage was July 18, 2021, when the difficulty was just 13.67 T. That drop followed a massive fall of nearly 28% two weeks prior, which is still the largest drop in the network’s history.

Detail

【Bitcoin Mining Difficulty Sees Its Biggest Fall in 12 Months】Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, dropped by 5% today. This brought it down to 27.69 T – the level last seen in mid-March this year.Notably, the last time difficulty dropped close to this percentage was July 18, 2021, when the difficulty was just 13.67 T. That drop followed a massive fall of nearly 28% two weeks prior, which is still the largest drop in the network’s history.

Bitcoin Mining Difficulty Sees Its Biggest Fall in 12 Months

Bitcoin Spot ETFs Bleed $1.26 Billion In Largest Net Outflows In 3 Months – Details

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Article

BTC breaks through 74000 USDT

Bitcoin Mining Difficulty Sees Its Biggest Fall in 12 Months

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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