Bitcoin has returned to around $60,000, but institutional sentiment has sharply reversed compared to February. In early February, when BTC crashed to near $60,000, spot Bitcoin ETF outflows slowed to $318 million, indicating buyers stepped in. However, this time, as prices fell, ETF outflows accelerated for four consecutive weeks, reaching a record $1.72 billion in the latest week. This marks the largest weekly redemption in over a year, signaling a more bearish stance from institutional investors. The data from SoSoValue shows outflows have increased steadily from $1 billion in mid-May to $1.26 billion, $1.42 billion, and then $1.72 billion. In contrast, February's outflows had decreased as the price dropped, suggesting institutional buying support. The trend reversal indicates that bulls may struggle to hold the $60,000 support level.

Key facts

• Bitcoin trades near $60,000 again, but ETF outflows surged to $1.72 billion last week.
• In February, outflows slowed to $318 million as price dipped, showing buying support.
• Outflows have accelerated for four straight weeks, signaling bearish institutional sentiment.
• Last week's $1.72B outflow is the largest weekly redemption in over a year.
• The trend reversal suggests bulls may struggle to hold $60,000 support.

KeyAudit data perspective