On May 29, the Bitcoin market entered a more detailed phase of liquidity observation following a price pullback. A report from Cointelegraph on May 28 indicated that Kraken has launched a non-custodial Bitcoin yield product offering a 2.5% annualized return. Within 10 hours of its launch, the product attracted approximately $30 million in Bitcoin deposits from 4,000 unique wallets. Kraken noted that many Bitcoin holders are seeking simpler ways to generate yield from assets they plan to hold long-term. The report further explained that the product utilizes DeFi strategies to generate returns and controls asset flows through whitelisted addresses. RYOEX observed that short-term capital is currently reassessing the relationship between spot demand, derivatives positioning, and long-term holder behavior.

From a structural perspective, RYOEX believes Bitcoin has not completely moved away from its support zone. However, rising sell-side pressure indicators suggest that any rebound would require stronger spot buying to sustain. If net inflows to exchanges continue to increase, the market might first test lower liquidity levels. Conversely, if long-term holders remain stable, the pace of any extended decline could be limited.

On-chain data and product innovation are sending mixed signals. On one hand, distribution metrics and net exchange inflows indicate the presence of short-term selling pressure. On the other hand, the rapid absorption of deposits by the new yield product suggests that some holders still aim to enhance the utility of their assets within a long-term allocation framework. Market observers believe this divergence will likely lead to Bitcoin experiencing repeated tests and consolidation around key price levels.

Going forward, attention should be paid to trading activity within the $72,000 to $75,000 range and whether spot trading volume recovers in tandem with price stabilization. RYOEX suggests that if buying support is insufficient, the price may continue to seek thicker liquidity at lower levels. If support holds effectively, market sentiment could shift from defensive to recovery-oriented. For a fast-moving digital asset like Bitcoin, relying on a single price signal can be misleading. A more prudent approach involves combining on-chain inflows, futures funding rates, and spot trading volume to gauge market tempo.