Bitcoin near $76K as spot ETF outflows continue

Bitcoin traded around $76,100 before the U.S. market open on Thursday, with an intraday high of $77,583 and a low of $75,014. The token remained below the $78,000–$79,000 range that on-chain analysts identify as the main resistance band.

The Federal Reserve left interest rates unchanged at its latest meeting, but officials were divided on policy direction. Thomas Perfumo, chief economist at Kraken, warned the absence of a clear handoff to Kevin Warsh, who is nearing Senate confirmation as Fed chair, could produce discord at the central bank. Perfumo also noted markets are pricing a high probability that rates will stay flat through year-end.

U.S. spot bitcoin exchange-traded funds recorded about $138 million in net outflows on April 29, marking a third consecutive day of withdrawals. Morgan Stanley’s MSBT registered the largest single-day inflow among the ETFs at $10.8 million. Spot ether ETFs posted roughly $87.7 million in net outflows, led by Fidelity’s FETH. Trading data show reduced volatility and a more range-bound market backdrop.

On-chain analytics firm Glassnode placed support between $65,000 and $70,000 and described spot selling pressure as easing while institutional flows begin to stabilize. The firm also reported that perpetual futures have flipped into the deepest net short bias on record, a condition that could produce squeezes if spot buying increases. Both implied and realized volatility have drifted lower.

Market participants linked price pressure to the combination of ETF outflows and the Fed split. Alvin Kan, chief operating officer at Bitget Wallet, said the market is balancing structural institutional demand against macro caution. Chen Dean at Bitunix highlighted concerns about whether the Fed can maintain internal consensus on inflation. Matt Mena, senior crypto research strategist at 21Shares, characterized dissent among Fed officials as cooling expectations for easier policy, and Jake Kennis at Nansen pointed to a higher-for-longer rate outlook as a factor keeping crypto in a holding pattern.

Glassnode also noted ETF assets under management and CME open interest have begun to stabilize after earlier withdrawals, suggesting tentative institutional re-entry but without broad conviction. The combination of consecutive ETF outflows, reduced volatility and Fed uncertainty kept bitcoin capped below the identified resistance band.