Bitcoin near $60,000 today vs February: Institutional sentiment has flipped
Bitcoin’s return to $60,000 is drawing heavy ETF outflows, marking a sharp reversal from February when institutional selling eased into the dip.
What to know:
- Bitcoin has returned to about $60,000, but unlike in February, spot bitcoin ETF investors are now selling heavily into the price dip.
- U.S.-listed spot bitcoin ETFs saw $1.72 billion in net outflows last week, the largest weekly redemption in over a year and far above the $318 million outflow when prices last neared $60,000 in early February.
- Outflows from these ETFs have accelerated for four straight weeks as prices fell, signaling a more bearish institutional stance than February.
The 11 U.S.-listed spot bitcoin ETFs saw net outflows of $1.72 billion last week. That’s the largest single-week redemption in over a year, according to data source SoSoValue. Back in the first week of February, when BTC crashed to nearly $60,000, the ETFs bled just $318 million.
The bearish contrast doesn’t end there.
Outflows have accelerated for four consecutive weeks, rising from $1 billion in the week ended May 15 to $1.26 billion, then $1.26 billion and $1.42 billion in the following two weeks, and most recently $1.72 billion.
In February it was different. The week BTC hit $60,000 saw $318 million leave. But the two weeks before that had seen $1.33 billion and $1.49 billion leave. In essence, as the price crashed, outflows slowed. Buyers showed up.
