Bitcoin extends slide as spot ETF outflows hit a record while Wall Street rips on AI
Bitcoin fell 4.6% to $73,397 amid a record $2.97 billion outflow streak from U.S. spot ETFs over ten consecutive trading days. Ether faced similar 4.6% losses with a fourteen-session ETF redemption streak. Rising oil prices and Middle East tensions weighed on crypto, while Wall Street's AI rally boosted global equities. Hyperliquid's HYPE token bucked the trend with 18.7% gains.
Key takeaways
- 1Bitcoin fell 4.6% to $73,397 as U.S. spot ETFs saw a record $2.97 billion outflow over 10 consecutive trading days through May 29.
- 2Ether faced a 14-session ETF redemption streak with $2.6 billion drained, while rising oil prices above $93/barrel pressured crypto amid Middle East tensions.
- 3Hyperliquid's HYPE token gained 18.7% to $73.17 with its new U.S. spot ETF attracting inflows since launch on May 12, reaching $122 million in assets.
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Why it matters
Record institutional outflows from Bitcoin and Ether ETFs signal weakening demand despite global equities hitting new highs, potentially impacting Indian retail investor sentiment toward crypto as a safe-haven asset. The divergence between AI-driven equity rallies and crypto weakness suggests macro factors like geopolitical tensions are overriding traditional crypto growth narratives.
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