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ETF Outflows Turn Negative YTD, MicroStrategy Transfer & SoFi Stablecoin | May 27-29
Audio is available on Spreaker — see link below.
Spot Bitcoin ETF outflows hit nine consecutive days and $2.8B in net selling, flipping year-to-date inflows negative for the first time. Plus: MicroStrategy's Coinbase Prime transfer raises sell probability to 84%, SoFi launches the first bank-issued stablecoin, and Paxos wins SEC clearinghouse registration.
Audio is available on Spreaker — see link below.
Nine consecutive days. Two point eight billion dollars out.
Feeding directly into that picture is what's happening at MicroStrategy, which transferred four hundred and forty-one Bitcoin to Coinbase Prime this week. That's roughly thirty million dollars in value moving to exchange custody, and the market noticed fast.
The macro context around all of this matters. US-Iran tensions escalated sharply this week with Operation Economic Fury, a sanctions action that seized roughly one billion dollars in Iranian crypto assets and cut off access to overseas infrastructure.
On the other side of this risk-off story, stablecoin infrastructure is moving in a very different direction. SoFi launched its bank-issued stablecoin, SoFiUSD, directly inside its consumer banking app this week, reaching fourteen point seven million users from day one.
Tether's US-focused stablecoin USAT added another data point this week. Supply reached one hundred and forty million dollars in April, up five hundred and forty percent from March, driven by institutional treasury and corporate settlement flows.
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