The crypto market outlook and investor sentiment continue to deteriorate as demand for spot Bitcoin ETFs wanes, reflected in an en masse exodus of institutional capital.
On a weekly timeframe, the capital exodus started with a $1 billion outflow in mid-May. That number ballooned to $1.26 billion the following week. This week’s total already sits at $1.30 billion, highlighting a shift in investor outlook since mid-May.
Yesterday was the worst net outflows from Bitcoin ETFs this year (-$723.5m) and the 5th worst day of all-time
Micron, America’s leading semiconductor manufacturer of computer memory and data storage products, recently surged 207% after U.S. President Trump’s endorsement on May 22, underscoring the impact of the AI-related boom.
As a result, the stock’s market cap surged from roughly $850 billion on May 21 to $1 trillion just five days later, clocking in a 15% surge.
A similar bullish outlook pervades the U.S. stock market, including the S&P 500 index hitting a new all-time high of 7,568 on Friday. Crypto markets, on the other hand, remain isolated as Bitcoin continues to retreat after a failed breakout attempt around the $82,000 level.
Long-term holder supply reached a record 15.8 million BTC, but the report notes this is bearish and that it reflects the absence of new buyers, not accumulation. Short-term holder supply has also dropped from 6.4 million BTC in December to roughly 4.2 million BTC today, with about 900,000 BTC of that decline attributed to Coinbase reserves aging into long-term holdings.
