Bitcoin dips to $79.5K amid $630M ETF outflows

Bitcoin traded near $79,500 on Friday, May 15, after a hotter-than-expected U.S. inflation reading earlier in the week and a sharp wave of withdrawals from U.S. spot bitcoin exchange-traded funds weighed on sentiment. Farside Investors data showed about $630.4 million of net outflows from the funds on May 13, the largest one-day withdrawal since late January. (bls.gov) Ether changed hands near $2,260, while live market trackers showed bitcoin down roughly 1.5% over 24 hours. (farside.co.uk) The selling came after the U.S. Bureau of Labor Statistics said on May 12 that the consumer price index rose 0.6% in April from the prior month and 3.8% from a year earlier. (bls.gov) Traders in crypto and other risk assets often watch inflation data because it can influence expectations for Federal Reserve policy and interest rates. Market commentary published after the move linked the redemptions and the inflation print to renewed pressure on bitcoin prices. ### Where did the $630 million ETF number come from? Farside Investors' daily flow table showed total net outflows of $630.4 million from U.S. spot bitcoin ETFs on May 13. (bls.gov) The same dataset has become a widely used reference point for daily creations and redemptions across the U.S.-listed products. CoinDesk, citing SoSoValue data, reported that investors had pulled about $1.26 billion from U.S. spot bitcoin ETFs over five trading days, including a single-day outflow of about $635 million on Wednesday. That report said the May 13 withdrawal was the biggest since late January. (bls.gov) ### Which funds saw the biggest withdrawals? CryptoRank, citing ETF flow data, said BlackRock's IBIT led the May 13 withdrawals at about $284.7 million, followed by Ark Invest's ARKB at about $177.1 million, Fidelity's FBTC at about $133.2 million and Bitwise's BITB at about $35.4 million. (farside.co.uk) The outflows were broad rather than concentrated in a single product. Those fund-level moves matter because spot bitcoin ETFs have become one of the main channels through which institutional and retail investors gain exposure to bitcoin without holding the token directly. (coindesk.com) Large redemptions can coincide with weaker market sentiment, though fund flows and spot prices do not always move in lockstep. That link was drawn by market reports published after the May 13 data. ### How much did bitcoin and ether fall? Kraken's price page showed bitcoin at about $79,567 on May 15, down about 1.66% over 24 hours. (cryptorank.io) CoinMarketCap showed bitcoin around $79,662 at the time its page was crawled, while Crypto.com listed the token near $79,229 and down about 1.52% over 24 hours. For ether, Forbes Advisor showed ETH trading at about $2,260 on May 15, and CoinMarketCap listed ethereum near $2,255 when its page was crawled. Those readings were broadly consistent with a roughly 2% daily decline referenced in market coverage. (coindesk.com) ### What did the inflation report show? The Bureau of Labor Statistics said the all-items CPI rose 3.8% in the 12 months through April, with energy up 3.8% in April and shelter up 0.6% on the month. The monthly CPI increase was 0.6% on a seasonally adjusted basis, after a 0.9% rise in March. (kraken.com) Market reports published after the release said the inflation reading came in above economists' expectations and reinforced concern that U.S. rates could stay higher for longer. BeInCrypto reported that Wall Street had expected 3.7% annual inflation, while the actual reading was 3.8%. (forbes.com) ### What comes next for traders watching this move? The Bureau of Labor Statistics has already published the April CPI release dated May 12, and traders will keep watching incoming U.S. economic data for clues on rates after that report. ETF flow trackers including Farside Investors and SoSoValue are also expected to update daily figures for U.S. spot bitcoin funds as the next trading sessions unfold. (bls.gov) (beincrypto.com)