BlockBeats News, May 23rd: Cryptocurrency analytics platform Santiment announced that the US Bitcoin spot ETF has seen a net outflow of approximately $1.26 billion over the past 6 trading days, which may paradoxically signal a "reverse buy signal" for Bitcoin. Santiment believes that ETF fund flows more reflect retail investor sentiment rather than changes in "smart money" positions.

The report pointed out that some retail investors lost patience as Bitcoin failed to hold above $80,000 in May, with BTC currently trading around $75,400, down from the high of around $79,000 on May 16th. Santiment stated that historically, sustained ETF outflows often correspond to a stage "suitable for patient accumulation" rather than market panic.

However, this view is at odds with the mainstream market sentiment. Most analysts believe that continuous outflows from the US Bitcoin spot ETF typically indicate a weakening market sentiment and potential further price pressure.

On the other hand, Bloomberg ETF analyst James Seyffart stated that the cumulative net inflows since the ETF launched have approached $60 billion, essentially recovering from the impact of the outflows of about $9 billion from October last year to February this year, and he expects that with more ETF products coming to market in the future, the scale of inflows is expected to reach another historic high.