Bitcoin traded below $78,000 on Thursday as exchange-traded fund outflows extended to a fourth consecutive day, a $584 million long liquidation from earlier in the week continued to weigh on positioning, and onchain data signaled a market that has yet to rebuild the spot demand needed for a sustained move above $80,000.
Spot bitcoin (BTC) ETFs shed $70.5 million on May 20, stretching their net outflow streak to four sessions, according to SoSoValue data.
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Ethereum's picture has deteriorated more sharply on a cumulative basis. Spot ETFs tracking Ethereum (ETH) prices posted $28.1 million in net outflows the same day, their eighth consecutive session of net selling. Ethereum ETFs have now shed $504 million over nine sessions since May 7, averaging a negative $56 million per day. It’s the steepest sustained reversal in ETH ETF demand since February's outflow wave, according to a Nexo market note. The past five sessions averaged a negative $51 million per day.
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