Bitcoin Price Analysis: BTC Remains Pinned Below $90,000 As ETFs Shed Over $1.5 Billion
Bitcoin (BTC) crossed $90,000 for a fleeting moment on Friday, reaching $90,866 before quickly losing momentum and dropping to $89,255. The flagship cryptocurrency has struggled to regain momentum after losing the crucial $90,000 mark on Tuesday when it fell to a low of $87,767.
Although it reclaimed $89,000 in subsequent sessions, it has struggled to push above $90,000.
Meanwhile, spot Bitcoin ETFs registered steep outflows over the past four trading days as investors pulled out over $1.6 billion. The withdrawals sparked concerns about whether hedge funds are reducing their exposure to Bitcoin as market conditions evolve.
GameStop Moves Complete Bitcoin Stash
GameStop has transferred its entire Bitcoin stash to Coinbase’s institutional trading platform, raising speculations about an imminent sale. The move was flagged by blockchain intelligence platform CryptoQuant, which noticed on Friday that the videogame giant had moved its 4,710 BTC stash worth $422 million to Coinbase Prime.
GameStop throws in the towel? Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell. Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M. Now selling for around $90.8K, potentially realising approximately $76M in losses.
The videogame giant announced its Bitcoin treasury after CEO Ryan Cohen met with Strategy chairman Michael Saylor to discuss how a digital asset treasury )DAT) The strategy could be implemented. However, the company has not publicly disclosed whether it intends to sell its holdings. The move comes after a Wednesday filing revealed that Cohen purchased an additional 500,000 GME shares worth $10 million.
SEC Drops Civil Suit Against Gemini
The United States Securities and Exchange Commission (SEC) has dropped its civil lawsuit against Gemini Trust Company and Genesis Global Capital. The suit, filed in relation to its Earn program, was dismissed without prejudice. According to court filings, the parties submitted a joint stipulation to dismiss on Friday. The joint stipulation was filed in the US District Court in the Southern District of New York. The dismissal effectively ends the SEC’s claim over Gemini’s Earn program with Genesis. However, a federal judge has yet to sign off on the stipulation to dismiss.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) briefly reclaimed $90,000 on Friday but was unable to sustain the momentum and fell to $89,237 before moving to its current level of $89,455.
The flagship cryptocurrency has been under pressure from substantial ETF outflows over the past few days. Spot Bitcoin ETFs registered five consecutive outflow days until Friday, shedding $1.62 billion, sparking speculation about whether hedge funds are reducing their exposure to risk assets, such as Bitcoin, as market conditions evolve. The withdrawals come as Bitcoin struggles to regain momentum and loses key price points.
Bitcoin ETFs recorded $394 million in outflows on Friday, followed by $479 million on Tuesday when markets reopened after the extended weekend. Outflows peaked on Wednesday as the ETFs shed over $700 million, followed by $32 million in outflows on Thursday. ETF outflows picked up again on Friday as investors pulled $103 million from the investment products. BlackRock’s IBIT recorded the largest redemptions over the five days, followed by Grayscale’s GBTC and Fidelity’s FBTC.
According to analysts, hedge fund positioning is a key driver behind ETF outflows. Data from Amberdata has revealed that yields on the Bitcoin basis trade have fallen below 5%, down from 17% a year ago. As returns diminish, fast-moving capital has less incentive to remain deployed. The analysts highlighted that while hedge funds represent only between 10% and 20% of ETF holders, their activity can overwhelm flows in the short term.
Bitcoin (BTC) ended the previous weekend in positive territory at $90,872. The price faced volatility on Monday, reaching an intraday high of $92,406 before settling at $91,188. Bullish sentiment intensified on Tuesday as BTC rallied, rising nearly 4% to $95,384. Buyers retained control on Wednesday as the flagship cryptocurrency crossed $97,000, reaching an intraday high of $97,963 before settling at $96,955. Selling pressure returned on Thursday as BTC fell 1.41% and registered a marginal decline on Friday, settling at $95,504.
Source: TradingView
Price action remained bearish over the weekend, with BTC dropping 0.41% on Saturday and 1.55% on Sunday to $93,633. Selling pressure persisted on Monday as the flagship cryptocurrency fell 1.15% to $92,559. Selling pressure intensified on Tuesday as BTC slipped below $90,000 and settled at $88,310. Despite the overwhelming selling pressure, the price recovered on Wednesday, rising 1.19% to $89,363. BTC registered a marginal increase on Thursday and faced volatility on Friday before settling at $89,474. The flagship cryptocurrency is marginally down during the ongoing session, trading around $89,471.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.