[Analysis: Bitcoin Dip Buying Absorbing Some Selling Pressure, But Insufficient to Reverse Downtrend] BlockBeats News, May 31: Selling pressure on Bitcoin spot ETFs continues to intensify. Following a net outflow of $1.26 billion last week, this week spot Bitcoin ETFs recorded another net outflow of $1.42 billion, driving BTC to briefly drop to $72,500. However, on-chain and market data indicate that some funds have started buying the dip near the $70,000 level. Spot market buying is absorbing part of the selling pressure, providing support for Bitcoin's price, but the scale of buying remains insufficient to reverse the current downtrend. Meanwhile, derivatives market data shows that traders have added approximately $300 million in leveraged long positions in the $73,000 to $74,000 range, indicating that some investors are betting on a price rebound. Additionally, the buy-sell ratio in the order book has turned positive, suggesting that the market sees BTC below $75,000 as having some appeal. To drive Bitcoin back into an upward trend, the market still requires new catalysts, such as progress in the U.S.-Iran peace agreement, a return to net inflows for spot Bitcoin ETFs, a decline in oil prices, or positive news related to U.S. strategic Bitcoin reserves. [Original Link]