Bitcoin stalls below $78,000 amid ETF outflows

Bitcoin's price is struggling to break past the $78,000 mark, facing resistance as institutional investors pull funds from spot ETFs. On May 20th, Bitcoin spot ETFs saw outflows totaling $70.5 million, marking the fourth consecutive day of net selling. Ethereum spot ETFs also experienced continued outflows, shedding $28.1 million. This trend coincides with a significant liquidation of long positions, with $584 million wiped out in a single session, the largest since early February. Analysts suggest that a sustained rally above $80,000 will likely depend on renewed ETF inflows or a short squeeze, neither of which appears imminent.