BlockBeats News, May 14th. Over the past 5 trading days, the US Bitcoin spot ETF has seen a total net outflow of approximately $1.25 billion, with a single-day net outflow of $630.4 million on May 13th, marking the largest daily outflow in recent times. At the same time, Bitcoin broke below the $79,000 level, indicating that outflows and macro pressure are synchronously pressuring the market. In terms of fund structure, the outflows are mainly concentrated in IBIT, FBTC, and ARKB. Among them, IBIT has seen a net outflow of around $550 million over the past 5 trading days, while ARKB has recorded a net outflow of about $300 million.

On a macro level, US April PPI data came in significantly higher than expected, showing inflationary pressures stronger than anticipated. The market believes that the Fed will find it increasingly difficult to justify any rate cuts this year. Earlier, the market was under pressure due to the higher-than-expected rebound in US April CPI, with US bond yields remaining high, continuing to dampen risk appetite for risk assets.

The outflows indicate that some institutions are choosing to reduce their risk exposure amid macro uncertainty, elevated US bond yields, and cooling expectations of Fed rate cuts. The market is currently focused on the future path of Fed policy and the progress of the "CLARITY Act." Without new catalysts, BTC may continue to range-bound in the short term.