Just noticed something interesting about why crypto down these days. Apparently the 11 Spot Bitcoin ETFs had massive outflows hitting $563.7 million on May 1st - the biggest since they started trading back in January. Traders have been pulling roughly $1.2 billion out since April, which is pretty significant. Even BlackRock's iShares Bitcoin Trust saw its first outflow of nearly $37 million recently.

The thing is, nobody really expects the Fed to cut rates anytime soon. Investors are basically accepting that interest rates might stay elevated all year, which is weighing on the whole market. That's probably why crypto down so much lately - people are getting more cautious with their capital when rates are this high.

BlackRock's move is noteworthy because it signals even the big players are reconsidering their positions. Worth keeping an eye on these flows to see if the trend reverses. Obviously just sharing what I'm seeing in the data though, not financial advice.