Bitcoin ETFs saw over $648 million in net outflows on May 18, the biggest daily exit since January, as BTC▼$61,033.00 slipped back below $80,000.
Spot Bitcoin ETFs just had their biggest daily outflow since January as the rally back above $80,000 lost momentum.
Data from SoSoValue shows spot Bitcoin ETFs recorded $648.6 million in net outflows on May 18, which was the largest daily outflow since Jan. 29, when the funds lost $817.9 million.
Analysts at Keyrock, a crypto market maker, wrote in a Monday blog post that the six-week Bitcoin ETF inflow streak had broken, with funds recording over $995 million in net outflows after $3.47 billion in cumulative inflows from April 5 through May 10.
Read also: QCP Capital Names the Condition for Bitcoin to Break Out of Its Range
Bitcoin Leverage Also Unwinds
The analysts noted that Bitcoin open interest fell 2.4% week over week to $57.4 billion, after rising to $61.4 billion by May 15 and then unwinding 6.5% over the weekend.
Keyrock said Bitcoin perpetual traders appeared to buy the mid-week dip after the U.S. inflation shock and ahead of the expected Federal Reserve chair nomination, but those long positions were later squeezed as spot Bitcoin sold off over the weekend.
“We’re watching whether the leadership broadens into the second tier of alts and whether the June FOMC delivers the macro reset that lets a proper rotation form.”
Bitcoin, meanwhile, dipped below the $80,000 mark and is now trading around $76,860, after falling to about $76,025 on May 18, its lowest intraday level since April 30, according to data from CoinGecko.
Read more: BTC Price Drops Below $77K: What Is Happening With Bitcoin and Crypto on May 18?
