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▲ Bitcoin (BTC)
A net outflow of $1 billion from US Bitcoin (BTC) spot ETFs in just one week has broken a six-week streak of net inflows. As funds shifted to artificial intelligence (AI) stocks and macroeconomic uncertainty weighed on investor sentiment, the Bitcoin spot ETF rally, which had previously attracted $3.4 billion, cooled down rapidly.
According to Cointelegraph on May 16 (local time), US Bitcoin spot ETFs recorded a net outflow of $1 billion on a weekly basis. SoSoValue data showed a small net inflow of $27.29 million on Monday, but the trend reversed sharply on Tuesday with an outflow of $233.25 million.
Selling pressure was strongest on Wednesday. On this day, $635.23 million flowed out of Bitcoin spot ETFs, marking the worst day of the week. Although there was a temporary rebound on Thursday with an inflow of $131.31 million, an additional $290.42 million flowed out on Friday, bringing the total weekly net outflow to $1 billion.
This net outflow marks a sharp reversal of the inflow trend that had continued for the previous six weeks. Bitcoin spot ETFs recorded a total net inflow of $3.4 billion over the preceding six weeks, with the strongest inflow of $996.38 million occurring in the week of April 17. However, after this selling pressure, the total net assets were reported as $104.29 billion, and cumulative net inflows as $58.34 billion.
Analysts at Bitunix diagnosed that funds have recently been aggressively moving towards the artificial intelligence growth narrative and the institutionalization trend of crypto assets. NVIDIA, Google, and Apple approached all-time highs last week, and AI chip manufacturer Cerebras surged over 70% intraday on its IPO day. In the cryptocurrency market, Coinbase stock rose sharply after the US crypto market structure bill passed the Senate Banking Committee, and Bitcoin recovered to around $82,000.
However, Bitunix viewed Bitcoin's price structure as still tense. They analyzed that a large amount of short liquidity is concentrated in the $82,400-$82,600 range, and $80,000 is a key support level. The current price trend has entered a high-leverage volatility structure, and funds are awaiting the next direction of three macro themes: AI expansion, US-China relations, and cryptocurrency regulation.
Ethereum (ETH) spot ETFs also could not avoid weakness. Last week, Ethereum spot ETFs recorded net outflows on all five trading days, with $130.62 million on Tuesday, $65.65 million on Friday, $36.30 million on Wednesday, $16.89 million on Monday, and $5.65 million on Thursday. A total of $254.46 million evaporated due to five consecutive days of outflows, and the total net assets decreased to $12.93 billion as of the weekend.
*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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