Analysis: The outflow of $1.26 billion in Bitcoin ETF funds may become a "reverse buy signal."
The crypto analytics platform Santiment stated that the U.S. spot Bitcoin ETF has seen a cumulative net outflow of approximately $1.26 billion over the past six trading days, which may instead constitute a "contrarian buy signal" for Bitcoin. Santiment believes that the ETF fund flows reflect retail sentiment more than changes in "smart money" positions.
The report pointed out that some retail investors have lost patience due to Bitcoin's failure to hold above $80,000 in May, with the current BTC price around $75,400, down from a high of about $79,000 on May 16. Santiment noted that historically, sustained ETF outflows often correspond to a phase that is "suitable for patient accumulation," rather than market panic. However, this view diverges from the mainstream market opinion. Most analysts believe that continuous outflows from the spot Bitcoin ETF typically indicate weakening market sentiment and that prices may face further pressure.
On the other hand, Bloomberg ETF analyst James Seyffart mentioned that since the ETF launch, cumulative net inflows have approached $60 billion, essentially recovering the impact of approximately $9 billion in outflows from last October to this February, and he expects that as more ETF products are launched in the future, the scale of inflows is likely to set new historical highs.
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