CoinEx News: U.S. spot Bitcoin ETFs have seen nearly $5.75 billion of outflows since mid-May, while BTC briefly fell below $60,000 in early June. Some investors linked the selling to capital being freed for anticipated mega-IPOs such as SpaceX and Anthropic, but Sygnum CIO Fabian Dori said exchange flows, stablecoin balances and crypto risk appetite indicators do not support broad capital rotation out of digital assets.

Dori pointed instead to falling CME Bitcoin futures open interest, ETF redemptions and funding-rate moves as signs of cash-and-carry trades being unwound. In that setup, traders buy spot BTC or ETF shares and short futures to capture the basis; when the premium compresses or funding becomes less attractive, closing both legs can show up as ETF outflows without signaling outright bearish conviction on BTC.