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▲ Bitcoin (BTC) fall/AI generated image
Bitcoin (BTC) spot ETFs recorded their largest weekly outflow of funds since late January. The trend of strong inflows for six consecutive weeks was broken, and the net outflow swelled to $1.26 billion over the past five trading days, causing the market sentiment in May to rapidly freeze.
CryptoPotato reported on May 23 (local time), citing SoSoValue data, that the May trend for Bitcoin spot ETFs turned negative after two consecutive weeks of massive outflows. Bitcoin spot ETFs showed strong inflows starting from the week ending April 2, and subsequently recorded net inflow dominance for six weeks. At that time, inflows outnumbered outflows in 10 out of 11 weeks.
However, the sentiment shifted in the week ending May 15, as investors withdrew $1 billion from these ETFs. Over the past five trading days, net outflows surged to $1.26 billion, the largest amount since late January. The cumulative net inflows also fell from a short-term high of $59.34 billion recorded just a few weeks ago to just over $57 billion.
The biggest shock occurred on Monday. Approximately $650 million flowed out of Bitcoin spot ETFs on Monday alone, followed by net outflows of $331 million on Tuesday, $70 million on Wednesday, $101 million on Thursday, and $105 million on Friday. BlackRock's IBIT also recorded the largest outflows, with $445 million on Monday, $325 million on Tuesday, $61.5 million on Wednesday, $104 million on Thursday, and $69 million on Friday.
It wasn't just the ETF fund flows that were shaken. Bitcoin ended April with an 11.87% gain and showed a positive trend in early May, at one point reaching a multi-month high near $83,000. However, it subsequently retreated from that price level, and the $80,000 mark, which it had held for several weeks, also collapsed last weekend.
Bitcoin has not recovered the $80,000 mark since then, hitting a monthly low of $74,200 on Friday and earlier today. ETF fund outflows, war-related uncertainties, the possibility of new attacks, and asset disposals by other investors were cited as reasons for the price slump. According to CoinGlass data, Bitcoin has fallen over 1% in May and is struggling below $75,500.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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