Bitcoin Recovers to $62,000, But $5.4 Billion Exits ETFs

Bitcoin prices have rebounded after breaking below the $60,000 mark, but investor sentiment remains subdued. Bitcoin has fallen approximately 6% over the past seven days, with the price briefly dipping below $60,000 last week. As of 7:20 PM on the 9th, it had recovered to the $62,700 level, though market participants indicate risk aversion is increasing.

The market attributes the recent decline primarily to outflows of institutional funds from US spot Bitcoin ETFs. According to 10x Research, approximately $5.4 billion in net outflows occurred from US-listed spot Bitcoin ETFs following the announcement of April CPI data on May 12th.

During the same period, MicroStrategy remained a prominent net buyer, purchasing an additional $2 billion worth of Bitcoin. The market share of Tether (USDT), a dollar-pegged stablecoin, surged from 13.55% last week to 9%, marking the largest weekly increase since March 2025. This indicates that investors are moving into cash-like assets, shifting to a defensive position as they sell riskier assets.

Market participants view the upcoming May CPI data and SpaceX's IPO, scheduled for the 12th, as potential variables for the cryptocurrency market's future direction. They analyzed that forecasts of high inflation could increase the possibility of the Federal Reserve delaying interest rate cuts, negatively impacting risk assets.

Amidst this market environment, MicroStrategy continued its aggressive buying, acquiring an additional 1,550 Bitcoins for approximately $101 million. This purchase increased the company's total Bitcoin holdings to 845,256 BTC. The company raised approximately $181 million through the issuance of common stock and increased its cash reserves by $100 million, securing a total of $1 billion in liquid assets.

Zhang Zhuoer, CEO of BTC.TOP, one of China's largest Bitcoin mining pools, dismissed rumors of MicroStrategy's large-scale selling as exaggerated speculation, asserting that the company's low debt ratio and net buying strategy are likely to continue. Market participants believe Bitcoin's trajectory in the near term will depend on the CPI results, spot ETF fund flows, and the success of the SpaceX IPO. With $5.5 billion having flowed out of the stablecoin market in the past month alone, the key concern remains when investor risk appetite will recover.