Murphy says May-July BTC ETF outflows reflect vanishing demand, not institutional selling

Large net outflows from spot Bitcoin ETFs between May and July reflect disappearing buying interest rather than stronger selling pressure, cryptocurrency analyst Murphy (@Murphychen888) said. Murphy said net outflows remained limited in January and February despite heavy trading volume, while outflows widened from May to July as volume declined. Murphy said this appears to reflect weaker incremental buying by institutional investors. Murphy added institutional capitulation between May and July may signal the late stage of the current correction, and said many institutions in this cycle have instead taken losses after buying BTC near its peak, which could present a buy-the-dip opportunity for retail investors.