The 7-day SMA of US spot Bitcoin ETF netflows dropped to -$88M/day, the largest outflow since mid-February, according to Glassnode. This occurs as the 10-year Treasury yield hit 4.52%, and April CPI rose 3.8% year-over-year, pushing back expectations of a Fed rate cut. Analysts view the outflows as profit-taking rather than panic, with key support at $77,000. A break below, especially with high open interest, could trigger a deleveraging phase. Bitcoin trades around $80,350 after failing to breach $82,000 resistance, which encompasses the ETF cost basis and 200-day moving average.

Key facts

• Spot Bitcoin ETF 7D-SMA netflow hit -$88M/day, largest outflow since mid-Feb.
• 10-year Treasury yield rose to 4.52%, April CPI at 3.8% YoY, delaying Fed cut expectations.
• Analysts see key support at $77,000; a break could lead to deleveraging.
• Bitcoin trades near $80,350, failing to break $82,000 resistance.
• Institutional outflows viewed as profit-taking, not panic selling.

KeyAudit data perspective