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2 billion. The net outflow of BTC and ETH ETFs in May is exactly this amount.
When ETFs launched last year, everyone was calculating "how much institutions can buy."
Pensions, hedge funds, family offices, trillions in scale divided into small cups, which is enormous.
Everyone's calculations are correct. But there's one thing few people talk about.
ETFs are not only a way to buy, but also a way to sell.
In May, the S&P 500 hit a new all-time high for nine consecutive weeks, and the same group of institutions was buying stocks with their left hand and selling coins with their right hand.
It's not that they are bearish on crypto; it's that they have other things on their hands now.
ETFs are a two-way valve, and May finally made this clear.