Bitcoin exchange-traded funds have seen a sharp $2.26B outflow over the past two weeks, putting significant pressure on market sentiment and dragging $BTC down toward the $74,300 zone after recent attempts to push higher.

The sell-off has been intensified by roughly $320M in liquidations following SEC-related headlines, reinforcing volatility and accelerating downside moves.

Price structure now shows a clear short-term range between $74K–$78K, with increasing risk of a weak May close if ETF outflows continue to dominate flows.

Despite the pressure, history suggests that extreme outflow phases often precede rebounds, as weaker hands exit and accumulation zones form for stronger players. The key remains disciplined positioning—focused on volatility rather than narrative-driven trades.

While long-term sentiment still finds support from ongoing CLARITY Act progress, short-term control remains with the bears until $ETF inflows stabilize and confidence returns to the spot market.