After the sharp sales in the Bitcoin market in recent days, some data that may indicate a bottom formation have come to the fore. There was a total outflow of $4.4 billion from spot Bitcoin ETFs over 14 trading days. On Thursday, this series turned positive, albeit limited. The continuation of corporate purchases in the same period increased cautious optimism regarding the direction of the market.
The streak of ETF exits was broken
The total managed asset size of spot Bitcoin ETFs decreased from approximately $104 billion to $80 billion. In the strongest wave of money outflows in more than a year, BlackRock’s IBIT fund and Fidelity’s FBTC fund faced the highest selling pressure. There was an outflow of over $700 million from Spot Ether ETFs in the same period.
The limited entry seen on Thursday ended a 14-day negative streak. While the Fear & Greed Index, which monitors the level of fear in the market, was at 16, this value indicated the extreme fear zone. The MVRV Z-score indicator was also measured at 0.34.
Mini dictionary: MVRV Z-score is an on-chain indicator that compares Bitcoin’s market value to its realized value. Low levels can be associated with periods when the asset is trading cheaper than historical averages.
The limited inflow seen on Thursday ended a 14-trading day streak of ETF outflows and served as one of the first signs that pressure on the market is easing.
According to the data provided in the news, the realized price of Bitcoin is approximately $53,500. Transactions of small investors changing hands at a loss increased during the selling pressure. Glassnode’s SOPR data remaining below 1 level for a long time also presented a view consistent with this picture.
Corporate purchases attracted attention
While individual investors turned to sales, a different trend was observed on the corporate side. Strategy purchased 1,550 BTC between June 1 and June 7 at an average cost of $65,200. Thus, the company’s total Bitcoin assets increased to 845,256 BTC. Strategy stands out as a US-based software company, formerly known as MicroStrategy, known for holding a large amount of Bitcoin on its balance sheet.
On-chain data showed that there was a net outflow of 4,281 BTC from the exchanges on Thursday and 6,133 BTC on Friday. Withdrawal of assets from stock exchanges is often considered as a move for safekeeping rather than preparation for a short-term sale. hyperliquid On the side, it was reported that large investors established the largest net long position of the last two months.
Strategy’s purchase of another 1,550 BTC, increasing its total assets to 845,256 BTC, showed that corporate demand was not completely lost during the hard selling period.
Oil price and macro developments are monitored
On the macro side, the decline in oil prices to $85.25 per barrel was one of the factors that supported the interest in risky assets. It was stated that the developments that a draft agreement was prepared between the USA and Iran reduced the pressure on energy prices. Lower energy costs are closely watched by markets to ease inflationary pressures.
In addition, expectations regarding the SpaceX IPO were cited as one of the topics that increased interest in growth-oriented and higher risk assets. With the impact of these developments, Bitcoin reached the $ 63,600 level again on Friday. In the same session, the Russell 2000 index rose 3 percent.
On the other hand, it is stated that the agreement between the USA and Iran has not yet become official, so it is premature to draw a clear conclusion about the permanence of the latest recovery. On the other hand, the fact that May inflation was 4.2 percent and Goldman Sachs postponed its first interest rate cut expectation to the end of 2027 shows that the macro outlook remains complex.
