US spot Bitcoin ETFs recorded a record daily outflow of $635.23 million on May 13, the largest single-day exit since late January. This marks a three-month high for capital flight from the product suite. The figure breaks a streak of recent positive flows and signals a sharp shift in investor sentiment.
The burden fell heaviest on the largest funds. BlackRock's IBIT shed $284.69 million, while ARK Invest's ARKB lost $177.1 million and Fidelity's FBTC dropped $133.22 million. These three funds accounted for over 85% of the total outflow, indicating the sell-off was broad-based across major providers rather than isolated to a single product.
This reversal must be viewed against April's backdrop, where the ETF complex attracted more than $2 billion in net inflows. The swing from multi-billion inflows to a single-day $635 million exit points to a macro-driven reaction, not a structural loss of interest. Analysts note the timing aligns with hot CPI and PPI data that have pushed back Fed rate cut expectations, prompting institutional investors to use the price recovery to partially take profits.
Price Action Tests Critical Support
Bitcoin dropped below $74,000 and is now testing the 100-day moving average near $72,000 as decisive support. The 100-day MA has historically served as a key inflection point during bull markets, often functioning as a launchpad for further gains. A daily close below this level would signal bearish momentum, while holding it preserves the ascending channel structure and keeps recovery paths open toward $80,000.
The $75,000 zone carries significant weight due to derivatives positioning, where dealers exhibit deeply negative gamma exposure. This negative gamma environment means hedging behavior becomes pro-cyclical-dealers buy into rallies and sell into declines, amplifying price movements in either direction. Even modest swings near this level can trigger substantial hedging flows, making it function more as a volatility release point than traditional support or resistance.
Bitcoin trades well below its 200-day moving average at $87,519, confirming the asset remains in a technical deficit relative to long-term price trends. This gap underscores that the current price action represents a correction from higher levels rather than a structural breakdown. The bulls must defend the $72K-$75K zone to prevent a deeper pullback toward the 200-day MA near $68,000.
Can Bulls Mount a Defense?
Bitcoin managed to stay above $73,500 and is trading above the 100 hourly simple moving average on the hourly chart. This sets up a potential rally if bulls can clear $75,000-$75,500 resistance. The 100-day MA near $72,000 has historically served as a launchpad in bull markets, giving the current setup additional credibility.
The $635 million outflow on May 13 was a three-month high, but earlier in May BTC ETFs showed solid inflows and April attracted more than $2 billion in net inflows. That context suggests this is a macro-driven reaction rather than structural loss of interest. A daily close below $72,000 would signal bearish momentum, while holding the $74,000-$75,000 zone keeps recovery paths open toward $80,000.