Crypto Outflows Reflect Sentiment Shock, Says CoinShares

CoinShares says crypto outflows reflect a sentiment shock, not a structural crisis. US spot Bitcoin ETFs recorded about $1.72 billion in net outflows last week. Markets pushed expected rate cuts off the table and began pricing higher rates, influenced by geopolitics and shifting macro outlooks.

James Butterfill, CoinShares' research head, called the move a sentiment shock rather than a market stress, citing geopolitics and rate expectations as drivers. Industry voices noted ongoing withdrawals from digital-asset products across regions, and analysts cited a late May sale of 32 BTC by Strategy that raised about $2.5 million as a minor signal.