Bitcoin has returned to the price range near $60,000, but this time institutional funds are reacting differently than in February. According to SoSoValue data, the 11 U.S.-listed spot Bitcoin ETFs saw a combined net outflow of $1.72 billion last week, marking the largest weekly redemption in over a year, indicating that funds are continuing to withdraw as prices fall.
Net outflows rose to $1.72 billion last week.
CoinDesk, citing data from SoSoValue, reports that this round of redemptions is significantly stronger than similar events in early February. At that time, Bitcoin also fell to around $60,000, but the corresponding week saw only a net outflow of $318 million from ETFs.
- Net outflows totaled approximately $1 billion in the week ending May 15.
- The net outflow then increased to $1.26 billion the following week.
- The figures for the following two weeks were $1.42 billion and $1.72 billion, respectively.
This means that during the price decline, ETF investors did not show significant buying interest, but instead continued to accelerate redemptions.
Contrary to the performance during the February pullback
The article points out that during the February downturn, although Bitcoin briefly approached $60,000, fund flows exhibited different characteristics. In the week that it reached this price level, ETF outflows actually decreased compared to the previous two weeks.
At that time, net outflows in the first two weeks reached $1.33 billion and $1.49 billion respectively, but when the price actually fell to around $60,000, the weekly outflow dropped to $318 million. In other words, after the price fell, the selling pressure did not continue to increase, and there were still buyers in the market.
The $60,000 support level is attracting attention again.
The current situation is the opposite. While Bitcoin prices have fallen, ETF redemptions have accelerated, indicating that institutional investors are more cautious about this price level than they were in February.
As of press time, Bitcoin was trading around $62,000, still above the $60,000 mark. If ETFs continue to experience large net outflows, the market's test of this price level's support could intensify.
