Bitcoin ETF: BTC Rebounds Beyond $77,000 Despite $2 billion Outflows

The crypto market is boiling. According to SoSoValue data, American spot Bitcoin ETFs have experienced more than 2 billion dollars in net outflows over the last ten trading days. A record since January! Yet, these massive outflows did not cause the expected collapse of bitcoin. On the contrary, BTC regained altitude. It even crossed the psychological threshold of $77,000. A spectacular disconnect that reshuffles the cards!

This is not a Bitcoin flight, but a portfolio rotation

According to crypto experts, the current dynamic of bitcoin can be explained quite simply. On May 15, the yield on 30-year U.S. bonds jumped to 5.12%. It is its highest level in a year, following disappointing inflation data.

Faced with such attractive rates, fund managers mechanically arbitrated their crypto positions towards Treasury bonds. This is notably the case for giants like BlackRock and Fidelity. But this tells us nothing about the long-term prospects of bitcoin. The fact is that ETF flow data are inherently retrospective.

Analysis: they reflect decisions already made, not market anticipations.

Bitcoin price now follows a different logic

While institutional investors were liquidating and massively reducing their positions on bitcoin and Ethereum via ETFs, other buyers were taking over. We are referring to retail investors, whales outside ETFs, and Asian markets that absorbed the selling pressure. The proof: volumes on spot platforms exploded within 24 hours.

According to some crypto analysts, what explains bitcoin’s resilience is even more structural. They refer to the buyer base that has deeply diversified since the launch of ETFs in early 2024:

• Corporate treasuries now hold about 5.6% of circulating BTC.
• Asian markets capture a growing share of global demand.
• Supply remains historically tight: reserves on crypto exchanges hover around 2.4 to 2.7 million BTC, with nearly 75% of coins dormant for more than six months.

Result: American ETF flows no longer solely dictate the bitcoin price. If BTC consolidates above $77,000, the next major resistance is around $81,000.

One thing is certain: bitcoin now seems capable of withstanding pressures that would previously have caused a major correction. The coming weeks will be crucial to know if the queen crypto can maintain this momentum above $77,000 or if the market enters a consolidation phase. To be closely watched…