Bitcoin's recovery just lost one of its most important sources of support.
A few weeks ago, Bitcoin ETF holdings were close to fully recovering the drawdown that started in October.
This week's outflows changed that.
Institutional demand is weakening again, putting the recovery trend under pressure.

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Editor's Note: In the early hours of May 25th, Ethereum co-founder Vitalik Buterin published a lengthy article on X. In it, Vitalik reinterpreted his expectations for Ethereum's future development and the role and functions of EF from a personal perspective.

Vitalik emphasized that Ethereum should not bow to mainstream trends, but must be impressive, and must uphold the CROPS values of censorship resistance, openness, privacy, and security. Vitalik also explicitly stated that "Ethereum's most valuable product is..."

Vitalik has finally relented; ETH is the most important product of Ethereum.

Author: Xiaobing, TechFlow TechFlow
On May 22, after the China Securities Regulatory Commission (CSRC) announced its intention to impose severe penalties on three overseas brokerage firms—Futu, Tiger Brokers, and Longbridge—their stock prices plummeted.
However, in Futu's own app community, the style suddenly changed. It was no longer just about exchanging stock information; overnight, it became a dating platform for stock investors.
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A mainland Chinese woman with a D-cup bust who claims to be beautiful is seeking a foreign man; a mainland Chinese born in the 1990s with a 2046% return on investment is willing to accept a "gender-neutral" identity change; a Hong Kong man holding a German passport...

When Futu becomes a matchmaking corner, overseas status becomes a form of hard currency for the middle class.

A wallet linked to the research-focused Web3 investment firm IOSG Ventures has moved a significant amount of crypto assets to the Binance exchange, a move typically interpreted as a precursor to selli...

IOSG Ventures-Linked Wallet Deposits $11.5M in UNI and COMP to Binance, Signaling Potential Sell-Off

Without the support from sustained ETF inflows Bitcoin’s price is much more susceptible to dive back down to $70,000.
So whether inflows make a comeback or outflows continue to dominate is something key to watch in the coming week.
Follow @ecoinometrics for more charts and insights on Bitcoin and macro.