Greed

United

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s recent price drop is not a result of a “massive futures margin call,” according to analyst Checkmate.</li>
 <li>United States Bitcoin exchange-traded funds (ETFs) saw net outflows of over half a billion dollars on May 1.</li>
</ul>
<p>Checkmate, a leading on-chain analyst at blockchain data firm Glassnode, has debunked the notion that the recent fall in Bitcoin’s price was due to a “massive futures margin call”.</p>
<h2 id="analysis-of-bitcoin-s-price-drop">Analysis of Bitcoin’s Price Drop</h2>
<p>The drop in Bitcoin’s price to $56,500 on May 1 may have been surprising, but Checkmate suggests that this is a healthy correction in the broader bull market.</p>
<p>He pointed out that a gradual “de-leveraging” across <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> futures has been happening since Bitcoin’s latest all-time highs in mid-March, which he believes is ending the “bull market excess”.</p>
<p>Checkmate’s analysis shows that the current market conditions differ from those three years ago, with funding rates gradually cooling off rather than abruptly dropping.</p>
<h2 id="bitcoin-etfs-witness-net-outflows">Bitcoin ETFs Witness Net Outflows</h2>
<p>On May 1, United States spot Bitcoin exchange-traded funds (ETFs) saw net outflows of more than half a billion dollars. Investors’ reaction to Bitcoin’s price performance led to BlackRock’s iShares Bitcoin Trust (IBIT) losing nearly $40 million, marking its worst day on record.</p>
<p>Similar trends were observed across all ETF products, with negative flows across the board. The largest outflow was from Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund (FBTC) at $191 million.</p>
<p>The recent price drop has resulted in a significant reset in crypto market sentiment, with the Crypto Fear &amp; Greed Index returning to “neutral” territory at 43/100 – its lowest since September last year.</p>

Bitcoin Slumps as ETF Outflows Surpass $500M Daily, Dispelling ‘Bull Market Excess’

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