Bitcoin dumps 'bull market excess' as daily ETF outflows pass $500M

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Bitcoin bull market correction analysis suggests that current BTC price action is healthier compared to 2021, despite ETF investor nerves.

BTC price action spooks ETF investors, data shows, but there is reason to believe that Bitcoin is seeing a broadly healthy correction. on May 2, Checkmate, the lead on-chain analyst at blockchain data firm Glassnode, revealed a key change in the Bitcoin bull market.As Checkmate shows, a gradual “de-leveraging” across Bitcoin futures has been ongoing since Bitcoin’s latest all-time highs in mid-March. This, he argues, is putting an end to “bull market excess.

“Funding rates have cooled off gradually, not violently, which is very healthy to see. It suggests we didn't see a massive futures margin call yesterday,” he wrote. “Futures markets also saw two statistically significant deleveraging events prior to this sell-off,” the thread noted alongside a chart of the 7-day change in Bitcoin futures open interest levels.

A similar story was visible for all the ETF products, with negative flows across the board, per data from sources including United Kingdom-based investment firm

 

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