Timothy Misir, head of research at BRN, argued that tepid prices amid surging institutional outflows carries more weight
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While spot BTC products logged redemptions, XRP (XRP) ETFs attracted $22 million, Solana (SOL) ETFs added $16 million, and newly launched Hyperliquid (HYPE) ETFs pulled in $72 million during the same window that Ethereum (ETH) ETFs shed $216 million, according to BRN.
Key facts
- While spot BTC products logged redemptions, XRP (XRP) ETFs attracted $22 million, Solana (SOL) ETFs added $16 million, and newly launched Hyperliquid (HYPE) ETFs pulled in $72 million during the same
- The market tension followed $1.26 billion in net outflows from spot bitcoin exchange-traded funds the week of May 18–22, their second consecutive billion-dollar redemption week, even as BTC briefly
- Bitcoin had previously found its footing mid-week after Strategy disclosed a purchase of roughly 25,000 BTC for $2 billion between May 11 and May 17, stabilizing the price after an earlier
- Bitcoin (BTC) held below $78,000 on Monday as U.S.-Iran deal speculation threatened a volatile open across holiday-thinned markets, The Block's price page shows
Summary
Bitcoin (BTC) held below $78,000 on Monday as U.S.-Iran deal speculation threatened a volatile open across holiday-thinned markets, The Block's price page shows. The market tension followed $1.26 billion in net outflows from spot bitcoin exchange-traded funds the week of May 18–22, their second consecutive billion-dollar redemption week, even as BTC briefly cleared $82,000, The Block reported. Bitcoin had previously found its footing mid-week after Strategy disclosed a purchase of roughly 25,000 BTC for $2 billion between May 11 and May 17, stabilizing the price after an earlier geopolitically driven sell-off, Laser Digital wrote. Timothy Misir, head of research at BRN, argued that tepid prices amid surging institutional outflows carries more weight than the headline rally.