Bitcoin Slides to $78,300 as ETF Outflows Hit $290 Million

Bitcoin and Ethereum face pressure as US spot ETFs see $290M in net outflows. XRP remains resilient with positive inflows amid a broader market dip.

The largest cryptocurrency by market capitalization has dropped nearly 3% over the last 24 hours, trading around $78,300, while Ethereum (ETH) lost approximately 3% to fall below the $2,200 mark. The total crypto market capitalization contracted by almost 3% to roughly $2.61 trillion, according to market data as of Friday morning.

Market pressure intensified following a sharp deterioration in ETF flows. Data from FarSide Investors reveals that US-based Bitcoin ETFs recorded net outflows of approximately $290 million on May 15, following a brief recovery the previous day. The heaviest exits were seen in BlackRock’s IBIT and Fidelity’s FBTC, which collectively lost over $175 million in a single day.

Institutional Outflows Weigh on Market Sentiment

The sell-off in ETF products is being interpreted as a sign of waning institutional risk appetite after several weeks of heightened volatility. Ethereum ETFs also posted negative net flows of approximately $66 million, with ETHA and FETH among the funds experiencing the most significant withdrawals.

Traders suggest the market is reacting sensitively to a combination of profit-taking, rising US bond yields, and persistent concerns that the Federal Reserve may maintain high interest rates for an extended period.

This negative sentiment is reflected in the Fear and Greed Index, which slid to 43 points from 49 the previous day. Meanwhile, the “Altcoin Season” indicator dropped to 29, signaling continued Bitcoin dominance despite the price correction.

The broader crypto market remained under pressure. Solana fell by more than 4% on the day, Cardano dropped nearly 5%, and Hyperliquid (HYPE) plunged by almost 10%, emerging as one of the weakest performers among major tokens.

XRP Stands Out With Positive Inflows

Against this bearish backdrop, XRP continued to show relative resilience. Data from Coinglass regarding XRP ETFs shows net inflows exceeding $7 million, primarily driven by the Bitwise XRP ETF and the Canary XRP ETF. This institutional interest helped the token limit its losses despite the widespread market sell-off.

Analysts note that interest in XRP remains supported by expectations surrounding the CLARITY Act in the US and hopes for a more favorable regulatory framework for the crypto industry.

Nevertheless, market participants remain cautious. Liquidations in crypto derivatives surpassed hundreds of millions of dollars over the last 24 hours, confirming that volatility remains high as investors quickly reduce exposure to riskier assets.

For now, traders are focusing on upcoming ETF flow data and Bitcoin’s price action around the $78,000 level, which analysts believe could serve as a critical short-term support zone for the market.