Bitcoin ETFs bleed $635M as BTC slips under $80K

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Weekly spot Bitcoin ETF flows since March 27 (May 13 week incomplete). Source: SoSoValue The volatility comes as Bitcoin continues to swing around $80,000, repeatedly slipping below and reclaiming the level, with analysts pointing to profit-taking pressure following a 37% rally from April lows. The fresh outflows mark the largest daily Bitcoin ETF withdrawal since Jan. 29, when the funds posted about $818 million in losses in a single day. BlackRock’s iShares Bitcoin Trust (IBIT) led losses with roughly $285 million in outflows, according to Farside data. The ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $177 million and $133.2 million, respectively. Morgan Stanley’s Bitcoin Trust ETF (MSBT) posted no outflows on Wednesday and recorded about $6 million in inflows on Tuesday. The fund has not seen any outflows since its April 8 launch and has accumulated roughly $256 million to date. The negative trend has continued in Ether (ETH) ETFs, which saw $36.3 million of outflows on Wednesday, bringing weekly outflows to roughly $184 million so far. Solana (SOL)-linked funds led the positive trend with around $6 million in inflows, putting week-to-date gains at $51.6 million. Hyperliquid (HYPE)-linked funds saw inflows of $1.36 million on their debut on Tuesday, bringing cumulative net inflows to $2.52 million. Related: JPMorgan lifts Bitcoin ETF exposure in Q1, led by BlackRock’s IBIT Bitcoin’s volatility came as it tested the 200-day moving average near $82,400 after a 37% rally from April lows, a level that has historically acted as resistance in prior bear-market rebounds, CryptoQuant said in a note shared with Cointelegraph. Source: CryptoQuant The analysts pointed to rising profit-taking, elevated unrealized gains and weakening US spot demand as signs that momentum may be fading. On-chain data suggests potential support near $70,000 if a deeper correction develops, CryptoQuant said. “This level has historically acted as a key resistance-turned-support band during bear markets, as it represents the average cost basis of short-term traders and the level at which unrealized profit margins compress back toward zero, reducing the incentive for further selling,” the report said. Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles More on the subject

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