Bitcoin spot Exchange-Traded Funds (ETFs) recorded $1.15 billion in weekly outflows through May 21, marking the second consecutive week with exits above $1 billion. The total outflow over two weeks reached $2.15 billion, reflecting sustained institutional pullback. Friday's trading session was still uncounted at the time of reporting.
Michael Saylor, chairman of MicroStrategy, appeared on CNBC and described the current Bitcoin market level as a “spring phase.” He expects Bitcoin to outperform the S&P 500 by 30% annually and stated that BTC has already found a bottom at $60,000. Saylor’s optimistic long-term outlook contrasts with the near-term selling pressure visible in the ETF flows.
Technically, Bitcoin traded at $77,208 on May 22, below all four key Exponential Moving Averages (EMAs). The 0.618 Fibonacci retracement level at $79,249 has been lost, along with the ascending channel that formed from the April lows. The next support sits at the 0.5 Fib at $75,574, with three Fair Value Gap (FVG) zones stacked between $67,500 and $72,500, indicating potential areas of buyer interest.
