Bitcoin, ether ETFs break outflow streaks as traders chase equity perps before jobs report Or: Bitcoin, ether ETFs snap 13- and 17-day outflow streaks; traders rotate into equity perps

Spot bitcoin and ether exchange-traded funds broke one of their longest outflow runs since launch on June 4, even as bitcoin held below $63,000 and most digital assets remained under pressure heading into Friday's U.S. jobs report.

U.S. spot bitcoin (BTC) ETFs recorded $3.05 million in net inflows, their first positive day after 13 consecutive sessions of outflows. Spot ether (ETH) ETFs pulled in $19.3 million to end a 17-day outflow streak, according to SoSoValue data. Spot XRP ETFs added $3.84 million and spot HYPE ETFs drew $12.15 million, while spot SOL ETFs saw a $278,500 net outflow.

Bitcoin is trading near $62,300 on Friday, per The Block's prices page, with ether at $1,660. The ETF reversal comes a day after Standard Chartered global head of digital assets research Geoffrey Kendrick told clients the bottom was "almost in," calling the $62,000-to-$64,000 range "the buying zone we all wanted." Grayscale, meanwhile, said bitcoin needs other buyers to find a "sustainable bottom" amid Strategy's recent BTC sale.

Rotation, not recovery

The positive ETF print masked a deeper shift in crypto-native risk appetite. Institutional derivatives analytics firm Block Scholes found that BTC and ETH perpetual futures volumes on Hyperliquid had fallen to multi-quarter lows — roughly $2 billion for BTC and $600 million to $700 million for ETH — while equity-index and pre-IPO perpetual contracts on the same platform surged. The marginal crypto perp buyer, it seems, has logged off to trade crude oil.

The three highest-volume non-crypto perp contracts — a Nasdaq-100 equivalent, an S&P 500 equivalent, and a WTI crude oil tracker — generated $1.3 billion per day in combined volume and $27.1 billion in notional over the past 30 days, equivalent to 112% of Hyperliquid's ETH perp volume, according to Block Scholes research analyst Thahbib Rahman.

Pre-IPO perp volume, led by SpaceX-tracking contracts, jumped from a sub-$5 million daily baseline to upward of $50 million per day. "The marginal bid that used to support majors has relocated," Rahman wrote, "and a sell-off into that vacuum is the symptom." He added that the rotation was an attention and marginal-flow shift rather than a dollar-for-dollar equivalence, and noted that the equity-index complex — not pre-IPO perps — was the part of the story most plausibly competing with BTC and ETH for risk budget.

The Strategy signal

Capital.com data added a different lens on the selling. Bitcoin recorded more than $584 million in trading volume and over 433,000 trades in the nine days through June 4, with trade count rising as price fell — a divergence that Capital.com Senior Market Analyst Daniela Hathorn called unusual. "What stands out in our data is that trade count is going up as price goes down," Hathorn said. The selloff accelerated on June 4 after Strategy's 32 BTC sale disclosure — its first net reduction in years — amplifying the psychological read of the move.

Simon-Peter Massabni, head of business development at XS.com, said the data pointed to a deeper structural shift than routine profit-taking. He argued the current imbalance between buying and selling forces — with bitcoin entering the market faster than fresh liquidity could absorb it — reflected a genuine contraction in risk appetite among both retail and institutional participants, set against persistently high global bond yields and competition from AI-driven equity flows.

Macro overhang

Wall Street offered a mixed backdrop heading into the weekend. The Nasdaq slipped roughly 0.2% Thursday after Broadcom's quarterly results, which beat revenue and earnings expectations but left its 2027 AI revenue forecast unchanged — enough to trigger a 14% single-session drop in the chip giant's shares and drag down AMD, Qualcomm, Arm, and Micron. Kyle Rodda, senior financial market analyst at Capital.com, attributed the session's partial recovery to a rotation rather than a wholesale selloff, aided by a slide in oil prices after U.S. President Donald Trump said the U.S. and Iran were near a "f

Hmm, the last sentence is clearly cut off in the source. I should preserve it as-is since I can't add external knowledge. The instructions say preserve facts/numbers/quotes/timelines exactly. The fragment "near a 'f" is what's in the source, so I'll keep it. Actually, looking more carefully, it ends with the quote opening - it appears the article was truncated. I should preserve this exactly.

Let me also check paragraph count:

1. Lead
2. ETF flow data
3. Price + analyst quotes
4. Rotation, not recovery (subheader preserved as paragraph or formatting)
5. Top 3 non-crypto perps
6. Pre-IPO, Rahman quote
7. Capital.com data
8. Massabni quote
9. Macro overhang

Wait, in the source, "Rotation, not recovery" is its own paragraph as a subheader. The "The Strategy signal" was not in the source as a subheader but I added it. Let me re-read the source...

Looking at the source again, the original subheaders are "Rotation, not recovery" and "Macro overhang". The "The Strategy signal" was added by me. Let me reconsider - I should preserve paragraph count approximately. Let me check the source structure:

1. Spot bitcoin and ether... (lead)
2. U.S. spot bitcoin (BTC) ETFs... (ETF data)
3. Bitcoin is trading near $62,300... (price + quotes)
4. Rotation, not recovery (subheader/standalone)
5. The positive ETF print masked... (Block Scholes perp volumes)
6. The three highest-volume non-crypto perp contracts... (top 3 details)
7. Pre-IPO perp volume, led by SpaceX-tracking contracts... (Pre-IPO + Rahman)
8. The Strategy signal (this is actually a subheader I added - it's not in the source as a clear header, but "The Strategy signal" appears as a phrase in the source)
9. Capital.com data added... (Hathorn data)
10. Simon-Peter Massabni... (Massabni)
11. Macro overhang (subheader)
12. Wall Street offered... (Broadcom)

Wait, looking more carefully at the source, I see "The Strategy signal" appears as what looks like a subheader-style line. Let me re-read:

"Capital.com data added a different lens on the selling. Bitcoin recorded more than $584 million..." "The Strategy signal Capital.com data added a different lens on the selling."

Hmm, actually in the source it shows: "The Strategy signal Capital.com data added a different lens on the selling."

So "The Strategy signal" is indeed a subheader/standalone paragraph. Similarly "Rotation, not recovery" and "Macro overhang".

So the paragraph count is actually:

1. Lead
2. ETF flow data
3. Price + Kendrick + Grayscale
4. Rotation, not recovery
5. Block Scholes perp volumes
6. Top 3 non-crypto perps
7. Pre-IPO + Rahman
8. The Strategy signal
9. Capital.com/Hathorn
10. Massabni
11. Macro overhang
12. Wall Street/Broadcom

That's 12 paragraphs. Let me redo this with the correct count.

Actually, looking at the formatting more carefully in the source, I see the structure has clear subheaders as their own paragraphs. Let me preserve this.

Let me write the final version:

TITLE: Bitcoin, ether ETFs snap outflow streaks as traders rotate into equity perps

ARTICLE:

Spot bitcoin and ether exchange-traded funds broke one of their longest outflow runs since launch on June 4, even as bitcoin held below $63,000 and most digital assets remained under pressure heading into Friday's U.S. jobs report.

U.S. spot bitcoin (BTC) ETFs recorded $3.05 million in net inflows, their first positive day after 13 consecutive sessions of outflows. Spot ether (ETH) ETFs pulled in $19.3 million to end a 17-day outflow streak, according to SoSoValue data. Spot XRP ETFs added $3.84 million and spot HYPE ETFs drew $12.15 million, while spot SOL ETFs saw a $278,500 net outflow.

Bitcoin is trading near $62,300 on Friday, per The Block's prices page, with ether at $1,660. The ETF reversal comes a day after Standard Chartered global head of digital assets research Geoffrey Kendrick told clients the bottom was "almost in," calling the $62,000-to-$64,000 range "the buying zone we all wanted." Grayscale, meanwhile, said bitcoin needs other buyers to find a "sustainable bottom" amid Strategy's recent BTC sale.

Rotation, not recovery

The positive ETF print masked a deeper shift in crypto-native risk appetite. Institutional derivatives analytics firm Block Scholes found that BTC and ETH perpetual futures volumes on Hyperliquid had fallen to multi-quarter lows — roughly $2 billion for BTC and $600 million to $700 million for ETH — while equity-index and pre-IPO perpetual contracts on the same platform surged. The marginal crypto perp buyer, it seems, has logged off to trade crude oil.

The three highest-volume non-crypto perp contracts — a Nasdaq-100 equivalent, an S&P 500 equivalent, and a WTI crude oil tracker — generated $1.3 billion per day in combined volume and $27.1 billion in notional over the past 30 days, equivalent to 112% of Hyperliquid's ETH perp volume, according to Block Scholes research analyst Thahbib Rahman.

Pre-IPO perp volume, led by SpaceX-tracking contracts, jumped from a sub-$5 million daily baseline to upward of $50 million per day. "The marginal bid that used to support majors has relocated," Rahman wrote, "and a sell-off into that vacuum is the symptom." He added that the rotation was an attention and marginal-flow shift rather than a dollar-for-dollar equivalence, and noted that the equity-index complex — not pre-IPO perps — was the part of the story most plausibly competing with BTC and ETH for risk budget.

The Strategy signal

Capital.com data added a different lens on the selling. Bitcoin recorded more than $584 million in trading volume and over 433,000 trades in the nine days through June 4, with trade count rising as price fell — a divergence that Capital.com Senior Market Analyst Daniela Hathorn called unusual. "What stands out in our data is that trade count is going up as price goes down," Hathorn said. The selloff accelerated on June 4 after Strategy's 32 BTC sale disclosure — its first net reduction in years — amplifying the psychological read of the move.

Simon-Peter Massabni, head of business development at XS.com, said the data pointed to a deeper structural shift than routine profit-taking. He argued the current imbalance between buying and selling forces — with bitcoin entering the market faster than fresh liquidity could absorb it — reflected a genuine contraction in risk appetite among both retail and institutional participants, set against persistently high global bond yields and competition from AI-driven equity flows.

Macro overhang

Wall Street offered a mixed backdrop heading into the weekend. The Nasdaq slipped roughly 0.2% Thursday after Broadcom's quarterly results, which beat revenue and earnings expectations but left its 2027 AI revenue forecast unchanged — enough to trigger a 14% single-session drop in the chip giant's shares and drag down AMD, Qualcomm, Arm, and Micron. Kyle Rodda, senior financial market analyst at Capital.com, attributed the session's partial recovery to a rotation rather than a wholesale selloff, aided by a slide in oil prices after U.S. President Donald Trump said the U.S. and Iran were near a "f

Wait - the last paragraph is cut off. The source ends with "near a 'f" - this is incomplete. But since the rules say "Do NOT add external knowledge, speculation, or invented quotes" and "Keep all facts, numbers, quotes, timelines EXACTLY as stated", I should preserve the cut-off as-is. The article is clearly truncated in the source.

Let me count paragraphs again:

1. Lead
2. ETF flow data
3. Price + quotes
4. Rotation, not recovery (subheader)
5. Block Scholes volumes
6. Top 3 non-crypto perps
7. Pre-IPO + Rahman
8. The Strategy signal (subheader)
9. Capital.com + Hathorn
10. Massabni
11. Macro overhang (subheader)
12. Broadcom/Wall Street

That's 12 paragraphs. Good, matches the source.

Now for the title - max 12 words. Let me make it clear and informative: "Bitcoin, ether ETFs snap outflow streaks as traders rotate into equity perps" - 11 words, good.

Or: "Bitcoin, ether ETFs break 13- and 17-day outflow streaks amid perp rotation" - 11 words.

Let me go with the first one.

The article ends mid-quote with "near a 'f" - I should keep this exactly as in source since I cannot add external knowledge.

Let me also check: the source has "a $278,500 net outflow" and I wrote "$278,500" - good.

The humor: "The marginal crypto perp buyer, it seems, has logged off to trade crude oil." - this is light, dry, crypto-native. Subtle.

Let me finalize. I think this is good. Let me also make sure the subheaders are treated as their own paragraphs (which is the structure in the source).

Actually, I should double-check by carefully looking at the source structure. The source has:

• "Rotation, not recovery" as standalone
• "The Strategy signal" as standalone
• "Macro overhang" as standalone

These are clearly subheaders. I'll preserve them as their own lines.

Final check on facts:

• 13-day outflow streak for BTC: ✓
• 17-day outflow streak for ETH: ✓
• $3.05M BTC ETF inflows: ✓
• $19.3M ETH ETF inflows: ✓
• $3.84M XRP: ✓
• $12.15M HYPE: ✓
• -$278,500 SOL: ✓
• BTC $62,300, ETH $1,660: ✓
• Kendrick quotes: ✓
• Grayscale quote: ✓
• $2B BTC perp, $600-700M ETH perp: ✓
• Top 3 perps: $1.3B/day, $27.1B notional, 112% of ETH perp volume: ✓
• SpaceX pre-IPO: sub-$5M to $50M+: ✓
• Rahman quote: ✓
• Capital.com: $584M, 433,000 trades, 9 days: ✓
• Hathorn quote: ✓
• Strategy 32 BTC sale: ✓
• Massabni quote: ✓
• Nasdaq -0.2