On June 11, the US spot Bitcoin ETF has net outflows of $2.1 billion so far in June, close to the total outflow of $2.4 billion in May. On Wednesday alone, there was a net outflow of $214 million, indicating that the outflow trend is still continuing. Since May 10, the total net assets of US spot Bitcoin ETFs have decreased from $109 billion to $77 billion, a reduction of about $33 billion, while during the same period, BTC prices fell from the May 10 high of $81,443 to a low of $59,353, a decline of approximately 27%.

Adam Haeems, Asset Management Director at Tesseract Group, said that although ETFs are still experiencing continuous outflows, the rate of outflow has "significantly slowed," and selling pressure is more like being exhausted rather than increasing. He believes that the outflows mainly come from three sources: redemptions of leveraged funds in spot ETFs and futures arbitrage positions, funds migrating out of the highest-fee US spot products, and capital rotation into AI stocks and upcoming tech IPOs.

Robin Singh, CEO of Koinly, stated that for ETF outflows to stop, there needs to be a rebound in spot demand and BTC needs to regain the $70,000 level. Haeems believes that the key to stopping the bleeding lies in interest rate signals rather than just a price rebound. He said that the market has been holding around the 200-week moving average over the past week, and the likelihood of forming a fragile bottom around that level is higher than a quick rebound. He thinks that if BTC clearly breaks below $60,000, the downside space will be significantly larger than the upside from a relief rebound. #我的Gate交易时刻