ETF Outflows Cloud Bitcoin Bottom Despite Accumulation
Investors are buying bitcoin near $62,000, but U.S. spot ETFs recorded $2.97 billion of outflows and institutional demand weakened, leaving a market bottom unconfirmed.
Wintermute, a crypto market maker, reported investors have been accumulating bitcoin around $62,000 even as U.S. spot bitcoin ETFs experienced heavy outflows. The firm recorded a roughly 14% decline for bitcoin over the past week, returning prices to levels last seen in September 2024.
The firm described Strategy’s sale of 32 BTC as immaterial in size but said the timing mattered because it occurred while demand was already slipping.
ETF data showed U.S. spot funds posted 10 straight sessions of outflows from May 15 through May 29, the longest streak since launch, with total redemptions of about $2.97 billion. That run left May with roughly $2.43 billion in net outflows, the weakest month for those funds so far in 2026.
Broader macro developments also put pressure on risk assets. The U.S. added 172,000 payrolls in May versus roughly 80,000 expected, and April payrolls were revised up to 179,000 from 115,000. Job openings rose to 7.6 million and ISM services prices reached their highest level since August 2022. The 10-year Treasury yield climbed to about 4.55%.
At the same time, initial jobless claims rose to 225,000 and announced layoffs increased for a third consecutive month, with companies citing AI-related restructuring.
Equity markets shifted alongside these data. The Nasdaq fell about 4.7% and the S&P 500 posted its first weekly loss since March. Wintermute noted signs of cooling in the AI trade after stretched valuations, increased issuance and oil-market volatility.
The firm highlighted the upcoming market debut of SpaceX on June 12 as a potential test of demand; strong placement could steady markets, while weak demand could coincide with continued selling.
Some long-term holders have begun buying near current prices, indicating early accumulation. Wintermute cautioned accumulation alone does not confirm a durable market bottom and that fresh capital inflows, particularly from U.S. institutions and ETF buyers, would need to return to validate a sustained recovery.
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