The institutional sector has put spot Bitcoin ETFs through the harshest cleansing in history: over the past weeks, net outflows from American funds have hit a historic anti-record of $4.4 billion, ending a prolonged 13-day sell-off. At the center of this tsunami of derisking was the heavyweight IBIT from BlackRock, which recorded an epic block dump through dark pools worth billions, instantly cutting marginal demand and pushing BTC's price down to around $61,000.
This massive capital exodus isn't a loss of faith in crypto, but a classic cyclical profit-taking by big players who entered in Q1 at $52,000–$58,000. Therefore, until fresh CPI inflation data is released on Wednesday, the market will continue to slide down under the pressure of technical arbitrage.
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