Following a six-week inflow run of $3.4 billion, spot Bitcoin exchange-traded funds (ETFs) saw $1 billion in weekly net outflows. Data from SoSoValue shows that Monday saw moderate inflows of $27.29 million, setting the tone for a cautiously hopeful start to the week. Tuesday saw a dramatic change as $233.25 million was removed from the funds by investors. Outflows reached $635.23 million on Wednesday, the worst day of the week, as selling pressure strengthened.
Thursday brought a little relief as $131.31 million inflows provided a temporary turnaround. On Friday, however, an additional $290.42 million left the products, erasing that rebound as well. Net outflows for the week came to precisely $1 billion.
After six weeks of steady net inflows—the greatest of which was the week of April 17 with $996.38 million—spot Bitcoin ETFs have lost money this week. The overall net assets are now $104.29 billion, with a cumulative net inflow of $58.34 billion across every product thanks to this week’s selling.
Investors Shift Focus Toward Surging AI and Tech Stocks
A prominent analyst recently wrote that money is “aggressively” shifting toward the “AI growth narrative” and crypto asset institutionalization. Last week, IT giants NVIDIA, Google, and Apple all hit new record highs, while artificial intelligence chipmaker Cerebras had an intraday spike of almost 70% during its initial public offering (IPO).
Regarding cryptocurrency, the Senate Banking Committee approved the CLARITY Act, which is generally seen as a landmark measure pertaining to the structure of the US cryptocurrency industry. After that, markets priced in the news, and Coinbase shares shot up, and Bitcoin reclaimed the $82,000 level.
But according to Bitunix, the market is on the brink of collapse due to Bitcoin’s pricing structure. They pointed out that there is a concentration of short sellers between $82,400 and $82,600, with $80,000 being the important support level to keep an eye on.