BlockBeats report, May 25: Bitcoin remained below $78,000 on Monday, following two consecutive weeks of outflows exceeding $1 billion from U.S. spot Bitcoin ETFs, with net outflows reaching $1.26 billion last week.
Despite continued outflows from BTC and ETH ETFs, several institutions believe this is more akin to a "rotation of capital" rather than a full exit by institutional investors.
Timothy Misir, Head of Research at BRN, said: "Institutional buying hasn't disappeared—it's just rotating." Data shows that during the same period, XRP ETFs saw net inflows of $22 million, Solana ETFs attracted $16 million, and the newly launched Hyperliquid (HYPE) ETF drew approximately $72 million, while Ethereum ETFs experienced outflows of $216 million.
Analysts note that recent market movements have been influenced by multiple factors, including the U.S.-Iran situation, the SEC's delay of the tokenized stock trading plan, and the upcoming release of U.S. macroeconomic data, causing BTC and ETH to remain in a narrow range.
Meanwhile, the options market shows that traders are still betting on significant volatility. Among options expiring on May 29, the highest open interest is in the $75,000 put and $80,000 call options for Bitcoin.
Institutional investor Laser Digital believes that if an agreement is reached between the U.S. and Iran, oil prices could drop significantly, potentially pushing U.S. stocks to new highs and reviving risk-on sentiment. However, key disagreements remain unresolved, including Iran’s nuclear program and control over the Strait of Hormuz.