U.S. April PPI exceeded expectations combined with ETF capital outflows put pressure on Bitcoin

ME News message: On May 14 (UTC+8), U.S. spot Bitcoin ETFs recorded a cumulative net outflow of approximately $1.25 billion over the past 5 trading days, with the net outflow on May 13 alone reaching $630.4 million—the largest single-day outflow in recent times. Meanwhile, Bitcoin fell below the $79,000 level, indicating that capital outflows and macro pressure are pressuring the market in tandem. From the perspective of capital flow structure, the outflows are mainly concentrated in IBIT, FBTC, and ARKB. Among them, IBIT saw a cumulative net outflow of approximately $550 million over the past 5 trading days, while ARKB recorded a total net outflow of approximately $300 million.

On the macro front, U.S. April PPI data clearly came in above expectations, showing that inflation pressure is stronger than anticipated. The market believes it will be nearly harder for the Federal Reserve to justify any rate cuts this year. Previously, the market had already been under pressure after the U.S. April CPI rebounded more than expected, with U.S. Treasury yields remaining at elevated levels, which continued to weaken risk appetite for risk assets. The capital outflows suggest that some institutions are choosing to reduce risk exposure amid macro uncertainty, sustained high U.S. Treasury yields, and cooling expectations for Fed rate cuts. The market is currently still focused on the subsequent policy path of the Federal Reserve and the progress of the 《CLARITY Act》. If there is no new catalyst, BTC may continue to maintain a range-bound trading pattern in the short term. (Source: BlockBeats)