The price of Bitcoin has seen a significant drop in the last 24 hours. This is followed by a large outflow of investor funds from Bitcoin Spot ETFs in the last two days.
According to CoinMarketCap, on May 31, 2025, at 12:35 WIB, Bitcoin (BTC) experienced a depreciation of 2.34% in the last 24 hours and fell 4.3% in the last seven days to a price of US$103,711/BTC.
The stalled US-China trade negotiations emerged as the main catalyst for the decline in Bitcoin. The confirmation from US Treasury Secretary Scott Bessent that trade talks with China have stalled dampened investor sentiment and triggered risk-averse behavior across global markets. This geopolitical uncertainty has historically affected cryptocurrency prices due to its correlation with risky assets.
Massive liquidations intensified selling pressure in crypto futures contracts. Many 'long' positions were liquidated, indicating the extent of overly leveraged bullish positions in the market.
Furthermore, based on data from Farside Investors, on May 29, 2025, the Bitcoin ETF market in the United States experienced a net outflow of US$347 million, ending a 10-day streak of inflows. However, amidst this decline, BlackRock's iShares Bitcoin Trust (IBIT) recorded an inflow of US$125 million, marking the 34th consecutive day of positive fund flows.
This was exacerbated by another outflow from Bitcoin Spot ETFs on May 30, 2025, amounting to US$616.1 million. This means that in just two days, there was an outflow of US$962.9 million or about Rp15.7 trillion (at an exchange rate of Rp16,300/US$).