Analyst: Bitcoin ETF Funds Still Seeing Outflows But Outflow Rate Has "Significantly Slowed Down," Selling Pressure Is Exhausting

BlockBeats News, June 11, the US Bitcoin Spot ETF has seen a net outflow of $2.1 billion in June so far, close to the total outflow of $2.4 billion in May. On Wednesday alone, there was a net outflow of $214 million, indicating that the outflow trend is still ongoing. Since May 10, the total net assets of the US Bitcoin Spot ETF have decreased from $109 billion to $77 billion, a reduction of approximately $33 billion. During the same period, the BTC price dropped from a high of $81,443 on May 10 to a low of $59,353, a decline of about 27%.

Adam Haeems, Head of Asset Management at Tesseract Group, stated that although the ETF is still experiencing continuous outflows, the outflow speed has "significantly slowed down," and the selling pressure seems more like exhaustion rather than intensification. He believes that the outflow mainly comes from three aspects: leveraged funds redeeming Spot ETFs and futures arbitrage positions, funds moving out of the highest fee-rate funds in the US spot products, and funds rotating into AI stocks and upcoming tech IPOs.

Robin Singh, CEO of Koinly, stated that to stop the ETF outflow, there needs to be a recovery in spot demand and BTC needs to reclaim the $70,000 range. Haeems, on the other hand, believes that the key to stopping the bleeding lies in interest rate signals rather than just a price rebound. Haeems stated that the market has been holding near the 200-week moving average over the past week, and the possibility of forming a fragile bottom around this level is higher than a rapid rebound. He believes that if BTC clearly falls below $60,000, the downside potential will be significantly greater than the upside potential brought by a relief rally.