Bitcoin Retraces to $72K After $1.031B ETF Outflows in May; Bitwise Model Shows $224K Fair Value

According to Bitwise Europe, Bitcoin retraced to $72K in May after global Bitcoin ETPs recorded net outflows of $1.031 billion in the second half of the month. The cryptocurrency initially crossed $83,000 on U.S.-Iran de-escalation reports but faced rejection near the 200-day moving average.

Bitwise Europe research shows long-term Bitcoin holders reached an all-time high of 14.85 million BTC, equal to 74.3% of circulating supply. The firm's analysis highlights the $78,000–$85,000 zone as a key support level and references a theoretical model estimating Bitcoin's illustrative fair value as a sovereign default hedge at approximately $224,000, based on weighted default probabilities across G20 sovereign bond markets.