PiCK
US Spot-Bitcoin ETFs See $490 Million in Outflows Over Three Days, Signaling Weaker Institutional Demand
Summary
- US-listed spot-Bitcoin ETFs recorded $490 million in net outflows over the past three days, signaling weaker institutional demand.
- Higher oil prices, rising interest-rate pressure and US first-quarter GDP growth of 2%% combined to fuel a broader retreat from risk assets.
- Still, the longer-term upside case remains intact, supported by $3.3 billion in cumulative ETF net inflows since March and Strategy's purchase of an additional 56,235 BTC.
Forecast Trend Report by Period
US-listed spot-Bitcoin exchange-traded funds posted about $490 million of net outflows over the latest three trading days, signaling weaker institutional demand.
Cointelegraph reported on May 30 that spot-Bitcoin ETFs listed in the US recorded total net outflows of $490 million over the three-day stretch. The move reversed the net inflows seen in the previous two weeks.
Bitcoin failed to regain $78,000 during that period, capping its advance. The market has interpreted that as a sign that institutional investor sentiment is weakening.
The macro backdrop also weighed on risk assets. Higher oil prices and rising interest-rate pressure fueled a broader retreat from riskier investments. Brent crude rose to $126 a barrel, while the yield on the US five-year Treasury climbed to 4.02%.
Economic data also missed expectations. US first-quarter gross domestic product growth came in at 2%, below the market forecast of 2.3%.
Still, the longer-term case for gains remains intact. Demand for scarce assets such as Bitcoin could increase if real bond yields decline in an inflationary environment.
Cumulative net inflows into the ETFs since March still stand at about $3.3 billion.
Separately, Strategy, led by Michael Saylor, bought an additional 56,235 BTC in April, raising its average purchase price to $75,537.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
