Crypto News: On May 28, the cryptocurrency market saw a sharp decline in early Thursday trading, with Bitcoin falling below $73,000. This drop was accompanied by the largest single-day net outflow since late January from the US spot Bitcoin ETF. LVRG Research Director Nick Ruck stated that this sharp decline reflects risk-averse profit-taking after recent highs, and is also influenced by macroeconomic cautiousness due to rising US Treasury yields and geopolitical news. Analysts added that the market decline mainly resulted from capital rotating into traditional financial stocks, and once key levels were broken, a large amount of derivatives liquidation further pushed prices down. Data shows that the US spot Bitcoin ETF experienced a total net outflow of $733.4 million on Wednesday, the largest single-day outflow since January 29. Among them, BlackRock's IBIT saw a net outflow of $527.8 million, setting the fund’s largest single-day outflow since its inception. Additionally, six other ETFs, including Grayscale's GBTC, also experienced negative flows. Only Morgan Stanley's MSBT recorded a net inflow of $4.3 million. Analysts believe that the capital outflows are due to basis trade liquidations and institutional de-risking operations, while the record-breaking outflow from IBIT was influenced by large trades the previous day. Presto Research Director Peter Chung pointed out that Bitcoin has exhibited a "unique trading pattern" since mid-May, declining over the past two weeks and underperforming risk assets like the S&P 500 and Nasdaq, mainly driven by outflows from spot Bitcoin ETFs. Analysts are closely monitoring ETF capital flow trends and Bitcoin’s support level around $70,000, warning that ongoing capital outflows could indicate that institutions are further adjusting their crypto asset allocations. On the macroeconomic front, Asian stock markets opened lower on Thursday, with the Hang Seng Index and Japan's Nikkei 225 both declining, due to renewed strikes between the US and Iran amid a fragile ceasefire agreement.

BTC-1.16%

IBIT-2.02%

BLK-2.07%

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OrdersPlacedBeforeTheStorm

· 1h ago

MSBT surprisingly has a net inflow, is someone doing reverse trading?

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GasFeesAfterTheRain

· 14h ago

Wait for a liquidation waterfall, then buy the dip.

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FomoLibrarian

· 15h ago

IBIT is flowing out 500 million a day; the institutions are really panicking now.

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GlassCityAfterTheRain

· 15h ago

Asian stock markets are also down, today global risk-off.

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GateUser-ad8b77bd

· 15h ago

The largest outflow since late January; the depth of this correction is hard to say.

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PaperfoldDao

· 15h ago

If the key positions can't be held, the chain liquidation of derivatives is the real pain.

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SentimentIndicatorCollecting

· 15h ago

Capital shifts to the traditional stock market, and crypto narratives are temporarily on hold.

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GateUser-ced0257a

· 15h ago

When U.S. Treasury yields rise, all risk assets fall flat; this correlation is classic.

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