Bitcoin falls to $78,140; ETFs $1B outflows

Bitcoin fell to about $78,131 on May 16, according to CoinMarketCap historical data, after trading above $82,000 earlier in the month. U.S. spot Bitcoin exchange-traded funds also posted a sharp reversal in investor flows during the week ended May 15, according to data compiled by Farside Investors. The combination put price action and institutional demand under scrutiny after a six-week stretch of ETF inflows. Benzinga reported on May 16 that the pullback coincided with renewed caution among traders. ### How far did Bitcoin fall, and from what level? CoinMarketCap data showed Bitcoin closed at $78,131.43 on May 16 after reaching $82,138.93 on May 10 and $81,051.25 on May 14. Benzinga cited an intraday level of $78,140 on Saturday, broadly in line with CoinMarketCap's daily close. The move left Bitcoin below the early-May peak cited in market reports. (coinmarketcap.com) May 1 marked the start of the latest leg higher, with CoinMarketCap showing a close of $78,179 that day. By May 10, Bitcoin had added nearly $4,000 before giving back part of the advance over the following week. ### Which ETF flow numbers drove the latest caution? Farside Investors data showed U.S. spot Bitcoin ETFs recorded net outflows of $233.2 million on May 12, $630.4 million on May 13, $131.3 million of inflows on May 14, and $290.4 million of outflows on May 15. (coinmarketcap.com) Those four sessions produced net outflows of about $1.02 billion. May 13 was the heaviest single day in that stretch, with total net outflows of $630.4 million, according to Farside's table. (coinmarketcap.com) The same data showed BlackRock's IBIT lost $284.7 million that day, Fidelity's FBTC lost $133.2 million, and ARK 21Shares' ARKB lost $177.1 million. ### Did May still remain positive overall? Farside Investors data showed U.S. spot Bitcoin ETFs still had net inflows of about $265.9 million from May 1 through May 15, despite the four-session reversal. (farside.co.uk) Early-month strength included $629.8 million of inflows on May 1, $532.3 million on May 4, and $467.3 million on May 5. Benzinga reported a different month-to-date figure, saying the funds had taken in $250 million in May after the week's outflows. (farside.co.uk) The difference appears to reflect timing and source methodology; Farside's published daily table through May 15 totals about $265.9 million. ### Which funds saw the biggest withdrawals? (farside.co.uk) BlackRock's IBIT showed the largest cumulative inflows since launch in Farside's table, but it also posted notable withdrawals during the week. Farside's data showed IBIT lost $86.1 million on May 12, $133.2 million on May 13 and $39.6 million on May 15. Grayscale's GBTC also remained a large source of outflows in the same period. Farside's table showed GBTC lost $17.6 million on May 12, $31.6 million on May 14 and $43.6 million on May 15. (benzinga.com) ### What were market trackers saying about demand? Benzinga said the ETF outflows ended a six-week streak of inflows and cited other indicators including weaker futures open interest and a negative Coinbase Premium Index. (farside.co.uk) CoinGlass, in its ETF explainer, says sustained net inflows and outflows are commonly used to gauge shifts in investor exposure to Bitcoin through regulated funds. Coin360's weekly market update also said U.S. spot Bitcoin ETFs posted about $1 billion of net outflows through May 15, calling it the largest weekly outflow since Jan. 30. That report linked the reversal to a broader slide in crypto markets during the same week. May 18 is the next date to watch for fresh ETF flow data when U.S. markets reopen, and Farside Investors' daily table is expected to show whether the outflow streak extends. (benzinga.com) Bitcoin's next price test will also be visible in daily market data after the weekend session closes. (farside.co.uk) (coin360.com)