flows

Bitcoin further declined towards $62,000 on Tuesday, continuing its weak fluctuations under the pressure of six consecutive weeks of outflows from spot ETFs, a shift in macro interest rate expectations towards hawkishness, and the expiration pressure of quarterly options. Ethereum also fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days. This week's market pressure mainly comes from two clues. One is that the Federal Reserve maintained interest rates at 3.5% to 3.75% during the FOMC meeting on June 18, but the statement significantly reduced easing language, and the dot plot shifted from previously suggesting rate cuts to indicating rate hikes. Among the 18 officials, 9 have already predicted at least one rate hike this year, and the probability of a rate hike in December has significantly increased compared to a month ago. The second is that geopolitical risks have once again disturbed the market. Previously, expectations of a ceasefire between the U.S. and Iran had pushed Bitcoin above $67,000, but during the signing ceremony on June 19, the situation broke down, and Iran withdrew from negotiations. Due to the 24/7 trading in the crypto market, Bitcoin was the first to reflect this shock. In addition, Deribit will face the expiration of approximately $10.6 billion in options on June 26, which has also intensified the market's wait-and-see sentiment at the end of the quarter. Analysts believe that current leverage has been largely cleared, and market positions are defensive, but the next direction still depends on Thursday's PCE inflation data and whether the capital flow of spot ETFs can turn positive again.

According to Jinshi, Bank of America strategists stated that last week the U.S. stock market attracted a record inflow of funds, with investors flocking to the technology sector. The team led by Michael Hartnett cited data from EPFR Global, indicating that in the week ending June 17, a record $119.2 billion flowed into U.S. equity funds. They noted that on an annualized basis, U.S. equity funds are expected to attract a record $739 billion by 2026.

According to SoSoValue data, on June 18, Eastern Time, the total net outflow of Ethereum spot ETFs was $12.7674 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was the Blackrock ETF ETHA, with a single-day net outflow of $12.7674 million. Currently, the historical total net inflow of ETHA has reached $11.316 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.304 billion, and the ETF net asset ratio (the market value as a percentage of the total market value of Ethereum) is 4.51%. The historical cumulative net inflow has reached $11.176 billion.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:1.1B (EkHF....AGS): Net inflow of $1,000, increased by 37011.6% in the past 24 hours, currently priced at $0.0331.EJEN (H6db....tkU): Net inflow of $1,000, increased by 22.6% in the past 24 hours, currently priced at $0.0001.TRUNP (Bh4t....ump): Net inflow of $1,000, increased by 1886.6% in the past 24 hours, currently priced at $0.0001.PumpFund (5kZo....ump): Net inflow of $1,000, increased by 143.1% in the past 24 hours, currently priced at $0.0001.Soil (6Q6t....ump): Net inflow of $358, increased by 395.4% in the past 24 hours, currently priced at $0.0001.

Wintermute released its weekly market report, stating that as of the week ending June 15, the ceasefire between the U.S. and Iran, along with CPI data, has boosted market risk appetite. Wintermute believes that the risk-reward ratio for Bitcoin at just over $60,000 is quite attractive; each sell-off eliminates weak holders, leaving a group with higher quality holdings and stronger conviction. However, this does not mean that a bottom has been established. Before the situation truly improves, it is not impossible to fall into the $50,000 range. Currently, the position structure has been somewhat cleared, and net selling pressure has eased. What really needs attention is the flow of funds, rather than prices or news headlines.The real turning point in the last cycle was the continuous growth of inflows into ETFs and stablecoins, and there are currently no signs of this. Therefore, blindly chasing any upward trend is futile. In the short term, Waller's speech on Wednesday is key. If dovish sentiment indicates a softening of core rates and a drop in oil prices, the market will welcome good news; if hawkish sentiment suggests rates rising to 4.2%, the good news will end. Besides that, the agreement signed between the U.S. and Iran in Switzerland on Friday is the truly important event.

According to SoSoValue data, last week's trading days (Eastern Time June 8 to June 12) saw a net outflow of $316 million from Bitcoin spot ETFs.The Bitcoin spot ETF with the highest net outflow last week was Blackrock ETF IBIT, with a weekly net outflow of $355 million, and the historical total net inflow for IBIT currently stands at $62.11 billion; followed by Grayscale Bitcoin Trust GBTC, with a weekly net outflow of $87.9141 million, and the historical total net outflow for GBTC currently stands at $26.85 billion.The Bitcoin spot ETF with the highest net inflow last week was Fidelity ETF FBTC, with a weekly net inflow of $55.6961 million, and the historical total net inflow for FBTC currently stands at $10.45 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $79.65 billion, with an ETF net asset ratio (market value as a percentage of Bitcoin's total market value) reaching 6.26%, and the historical cumulative net inflow has reached $53.62 billion.

According to SoSoValue data, during the last trading week (Eastern Time from June 8 to June 12), the Ethereum spot ETF had a net outflow of $14.91 million. The Ethereum spot ETF with the highest net outflow last week was Grayscale Ethereum Trust ETHE, with a weekly net outflow of $17.42 million, bringing ETHE's total historical net outflow to $5.32 billion; followed by Grayscale Ethereum Mini Trust ETH, with a weekly net outflow of $10.947 million, and ETH's total historical net inflow currently at $1.86 billion.The Ethereum spot ETF with the highest net inflow last week was Blackrock ETF ETHB, with a weekly net inflow of $28.5724 million, bringing ETHB's total historical net inflow to $562 million. As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.16 billion, with an ETF net asset ratio (the market value as a percentage of Ethereum's total market value) reaching 4.56%, and the total historical net inflow has reached $11.19 billion.

CryptoQuant analyst Axel Adler stated that Bitcoin (BTC) is experiencing a significant inflow into exchanges, while stablecoin liquidity continues to flow out. The deterioration on both the supply and demand sides of the market is considered a key reason for Bitcoin's approximately 22% decline from its May peak.Data shows that the 30-day net exchange flow indicator for Bitcoin has turned significantly positive, currently at about +114,000 BTC. Compared to the net outflow status of about -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to a distribution phase. This indicator briefly rose to about +167,000 BTC in early June, indicating that more holders are transferring BTC to exchanges, increasing potential selling pressure.Meanwhile, the 30-day moving average net flow of stablecoins remains in negative territory, currently at about -105 million USD. In early May, this indicator was still in the range of +40 million to +90 million USD, representing strong buying liquidity in the market; however, it turned negative after mid-May and expanded to about -150 million to -170 million USD in early June, indicating that stablecoin funds are leaving exchanges, reducing the market's "ammunition."

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:dih (Gh5t....ump): Net inflow of $2,000, with a 24-hour increase of 11303.8%, currently priced at $0.0003.drooling (B6f2....ump): Net inflow of $2,000, with a 24-hour increase of 137.2%, currently priced at $0.0014.GTA6 (E7D4....ump): Net inflow of $788, with a 24-hour increase of 1274.8%, currently priced at $0.0001.Mewania (GJwQ....ump): Net inflow of $478, with a 24-hour increase of 54.9%, currently priced at $0.0001.SPCX (9qpD....ump): Net inflow of $311, with a 24-hour increase of 9325.5%, currently priced at $0.0003.

According to CoinDesk, Wall Street brokerage Bernstein released a research report indicating that the main driver of Bitcoin's price weakness in 2026 is a slowdown in capital flows, rather than the market's concerns about the threat of quantum computing.The report shows that this year, Bitcoin treasury companies and ETFs attracted approximately $12 billion in inflows, a significant decrease from $60 billion in 2025; ETFs recorded about $2.6 billion in net outflows based on an asset scale of $75 billion, with new demand primarily coming from corporate buyers represented by Strategy (MSTR). Bernstein analysts attribute the slowdown in funds to a large influx of retail investors into AI-related assets, with this year's strongest performance in the crypto market concentrated in tokenized stocks and commodities.Nevertheless, analysts believe that the scale of ETF outflows remains moderate, and the structure of Bitcoin investors has shifted from being dominated by retail investors to a more diverse group including ETFs, corporate treasuries, wealth management platforms, pension funds, and sovereign investors, resulting in a healthier market structure, with the long-term value storage logic remaining intact.

According to SoSoValue data, during the last trading week (Eastern Time from June 1 to June 5), Ethereum spot ETFs experienced a net outflow of $173 million.The Ethereum spot ETF with the highest net outflow last week was the Blackrock ETF ETHA, with a weekly net outflow of $125 million, and the historical total net inflow for ETHA has reached $11.31 billion. The second was the Fidelity ETF FETH, with a weekly net outflow of $26.4459 million, and the historical total net inflow for FETH has reached $2.13 billion.The Ethereum spot ETF with the highest net inflow last week was the Blackrock ETF ETHB, with a weekly net inflow of $3.026 million, and the historical total net inflow for ETHB has reached $534 million.As of the time of writing, the total net asset value of Ethereum spot ETFs is $8.590 billion, with an ETF net asset ratio (market value relative to the total market value of Ethereum) of 4.44%, and the historical cumulative net inflow has reached $11.20 billion.

According to SoSoValue data, on June 4th Eastern Time, the total net inflow of Ethereum spot ETFs was $19.3019 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was the Blackrock ETF ETHA, with a single-day net inflow of $19.3019 million. Currently, the historical total net inflow of ETHA has reached $11.323 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.778 billion, and the ETF net asset ratio (the market value as a percentage of Ethereum's total market value) is 4.57%, with a historical cumulative net inflow of $11.206 billion.

According to SoSoValue data, yesterday (Eastern Time June 4), the total net inflow of Bitcoin spot ETFs was $3.0468 million.The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of $47.6599 million. Currently, the historical total net inflow of IBIT has reached $6.2683 billion. The second was Morgan Stanley ETF MSBT, with a single-day net inflow of $9.8652 million. Currently, the historical total net inflow of MSBT has reached $264 million.The Bitcoin spot ETF with the highest single-day net outflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a single-day net outflow of $20.7186 million. Currently, the historical total net inflow of ARKB has reached $1.208 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $80.399 billion, and the ETF net asset ratio (market value compared to the total market value of Bitcoin) is 6.3%. The historical cumulative net inflow has reached $54.266 billion.

According to The Block, blockchain analytics company Chainalysis has released a latest report indicating that as the gray market peptide industry scales surpasses an annualized $100 million, leading suppliers are accelerating the adoption of Bitcoin and stablecoins as primary settlement tools.In Q1 2026, cryptocurrency inflows into the industry reached $32 million, a month-on-month surge of 159%. Due to traditional banks and credit card payment channels generally imposing bans on prescription-grade compounds and unregulated substances, a large number of Chinese chemical manufacturers are turning to cryptocurrency to complete transactions, with high-value orders particularly favoring stablecoins to avoid price volatility risks.

Tom Lee stated that the recent market anxiety, including the slight sale of Bitcoin by Strategy, is typical bottoming behavior rather than a deep-seated crisis. Michael Saylor sold 32 Bitcoins at an average price of $77,135, raising approximately $2.5 million to pay preferred stock dividends. This sale accounted for only 0.004% of the company's over 843,700 Bitcoin holdings. Furthermore, regarding the outflow of $3.4 billion from the U.S. spot Bitcoin ETF for 11 consecutive days, Tom Lee believes that capital outflow is a classic lagging indicator of market cycle reset. Bitmine's macro strategy has not changed, and its plan to purchase 111,942 Ethereum for approximately $237 million is still underway, with its Ethereum holdings currently reaching nearly 5.4 million.

According to SoSoValue data, last week's trading days (Eastern Time May 25 to May 29) saw a net outflow of $241 million from Ethereum spot ETFs.The Ethereum spot ETF with the highest net outflow last week was Blackrock ETF ETHA, with a weekly net outflow of $188 million, and the historical total net inflow for ETHA currently stands at $11.43 billion. Following that was Grayscale Ethereum Trust ETHE, with a weekly net outflow of $29.2457 million, and the historical total net outflow for ETHE currently stands at $5.31 billion.The Ethereum spot ETF with the highest net inflow last week was Blackrock ETF ETHB, with a weekly net inflow of $12.4387 million, and the historical total net inflow for ETHB currently stands at $531 million. As of the time of publication, the total net asset value of Ethereum spot ETFs is $11.27 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 4.62%, and the historical cumulative net inflow has reached $11.37 billion.

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:KINS (Tqj8....ump): Net inflow of $20,000, 24-hour change -24.1%, currently priced at $0.0021.ALIENS (C9UM....ump): Net inflow of $4,000, 24-hour change 13442.7%, currently priced at $0.0004.wBULL (gAhv....ump): Net inflow of $2,000, 24-hour change -30.5%, currently priced at $0.0002.Peigengoo (roqP....ump): Net inflow of $673, 24-hour change 54.4%, currently priced at $0.0001.DREAM (26Fr....ump): Net inflow of $661, 24-hour change -86.2%, currently priced at $0.0001.

The cryptocurrency market saw a significant decline on Thursday morning, with Bitcoin dropping below $73,000. This round of decline was accompanied by the largest single-day net outflow from the U.S. spot Bitcoin ETF since late January. Nick Ruck, director of LVRG Research, stated that this sharp drop reflects a risk-averse sentiment as profit-taking occurs after recent highs, and is also influenced by rising U.S. Treasury yields and macro caution stemming from geopolitical news.Analysts added that the market decline is primarily due to funds rotating into traditional financial stocks, and once key price levels are breached, a large amount of derivatives liquidation further depressed prices. Data shows that the U.S. spot Bitcoin ETF recorded a total net outflow of $733.4 million on Wednesday, marking the largest single-day outflow since January 29. Among them, BlackRock's IBIT saw a net outflow of $527.8 million, setting a record for the largest single-day outflow since the fund's inception. Additionally, other ETFs like Grayscale's GBTC also experienced negative outflows. Only Morgan Stanley's MSBT recorded a net inflow of $4.3 million.Analysts believe that the outflow of funds is due to basis trade liquidations and institutional de-risking operations, while IBIT's record outflow was influenced by large trades the previous day. Peter Chung, head of research at Presto Research, pointed out that Bitcoin has exhibited a "unique trading pattern" since mid-May, continuing to decline over the past two weeks and underperforming risk assets like the S&P 500 and Nasdaq, primarily driven by outflows from the spot Bitcoin ETF.Analysts are closely monitoring ETF fund flow trends and Bitcoin's support level around $70,000, warning that ongoing fund outflows may indicate that institutions are further adjusting their cryptocurrency asset allocations. On a macro level, Asian stock markets opened lower on Thursday, with the Hong Kong Hang Seng Index and Japan's Nikkei 225 both declining, due to renewed strikes by the U.S. against Iran amid a fragile ceasefire agreement.

According to Gate Ventures' latest weekly report, there has been a significant style shift in global stock markets, with funds rotating from growth sectors to value and defensive assets. The Dow Jones Index rose by 2.22%, and labor market data remains resilient. Macroeconomic indicators show a divergence, with the composite PMI preliminary value rising to a two-year high of 54.4, but input cost pressures still exist. Coupled with the ongoing impact of high interest rates on real estate activity, the economy overall presents a structural state of coexistence between expansion and pressure. The cryptocurrency market has slightly retreated, with BTC down 0.5% and ETH down 1.6%; the total market capitalization declined by 0.4%, remaining flat compared to last week, and market sentiment is in a moderate recovery phase.At the asset and industry level, the top 30 assets averaged a rise of 4.2%, with HYPE and ZEC leading the performance, influenced by factors such as ecosystem expansion, liquidity improvement, and easing regulatory uncertainty. In terms of industry dynamics, on-chain infrastructure and the compliance process continue to advance, with active financing and product iteration in areas such as prediction markets, on-chain derivatives, and payment networks. In terms of investment and financing, a total of 24 transactions were completed last week, disclosing a total financing amount of approximately $532.6 million, with infrastructure and DeFi being the main sectors of flow, and Kalshi securing a single financing of $200 million.Additionally, Variational completed a $50 million Series A financing, AEON completed $8 million in pre-seed financing, while infrastructure and social blocks recorded 12 and 6 transactions, respectively. Overall, against the backdrop of macro volatility and market divergence, capital allocation continues to trend towards long-term infrastructure and real application scenarios.

BIT released today's chart stating that the key to market analysis often lies in identifying the core factors driving asset price movements and observing when these factors begin to change.In the case of Bitcoin, the recent sustained rise has largely depended on the interplay between institutional demand and the market's available supply. Over the past year, spot Bitcoin ETFs and Strategy (formerly MicroStrategy) have been significant sources of this demand. When ETF inflows accelerate and Strategy continues to accumulate Bitcoin, the price of Bitcoin typically continues to rise.Currently, the total net buying amount of ETFs and Strategy has dropped to only $870 million, primarily due to significant outflows from ETFs, shifting from net buying to net selling. Before ETF inflows stabilize and rebound, Bitcoin may continue to primarily experience consolidation in the short term.