Crypto Weekly Recap: Back Lower

Bitcoin has retreated to $73k amidst record ETF outflows of $2.3b in May, while volatility compresses to multi-month lows. A notable trend is the decoupling of BTC miners like Hut 8 and Terawulf from BTC's price due to their strategic pivots into AI infrastructure.

Key Takeaways

• 1.Bitcoin price has retreated to the $73k level from highs of $82k, despite positive regulatory movements in the U.S. Senate Banking Committee.
• 2.U.S. spot ETF flows have turned sharply negative in May, with $2.3 billion in net outflows reversing year-to-date inflows.
• 3.Crypto market volatility has compressed to its lowest levels since late 2025, even as put options remain more expensive than calls.

Table of Contents

• U.S. Spot ETF Flows
• Derivatives and Positioning
• BTC Miners diverge
• Appendix (5Y charts)

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