U.S. spot ETFs are experiencing continuous large net outflows, institutions are pulling out, and retail investors are still holding on through liquidations. We've seen this script before in 2022— the difference is that this time, leverage is higher and liquidations are more brutal. Waiting for a panic bottom, or waiting for a black swan. Right now, survival is more important than making money.

Crypto界网 reports that Ethereum plummeted to $1,500 and faces the risk of dropping to $1,000, with a single-day decline of over 10% on the 6th, and a nearly 23% drop in the past week, marking the lowest point since early 2023. Bitcoin fell below $60,000, triggering widespread liquidations. Derivatives data shows a high proportion of long liquidations, and ETH open interest has decreased by nearly 30%. Sosovalue data indicates that US spot Ethereum ETFs recorded approximately $540 million in net outflows in May, with another $168 million outflow in the first week of June, and ongoing capital outflows weakening spot demand.