Bitcoin ETF fund flows have reversed, and market sentiment has turned cautious.
Latest data shows that Bitcoin spot ETFs have experienced net outflows for two consecutive weeks, with a cumulative outflow exceeding $1.2 billion. Among them, Grayscale's GBTC had a single-day outflow of $642 million, setting a historical record. Analysts point out that this reflects the profit-taking behavior of institutional investors after Bitcoin reached an all-time high. On-chain data shows that long-term holders are accelerating their sell-off, and the amount of Bitcoin on exchanges has significantly increased. However, institutions like BlackRock are still positioning themselves during dips, intensifying the market's long-short battle. From a technical perspective, Bitcoin has formed a key psychological support level around $60,000, and if it falls below this level, it could trigger a larger correction. The market is waiting for the Federal Reserve's June interest rate decision to provide new directional guidance.