PANews reported on May 23 that cryptocurrency sentiment platform Santiment stated that Bitcoin ETFs experienced outflows for nine out of the past ten days, suggesting that retail investors seemed to have lost patience after Bitcoin failed to break the $80,000 mark. Santiment analysts believe this reflects retail capitulation rather than a bearish outlook, as ETFs reflect retail investor confidence more than professional fund positions. Historically, sustained selling by retail investors through ETFs has often coincided with periods of partial accumulation by long-term holders.

Furthermore, while the Ethereum ETF has seen outflows since mid-May, the scale is far smaller than suggested by comments on social media, and it actually turned into a net inflow on the most recent trading day. Overall trading volume in the Ethereum ETF has declined since its peak in early February, suggesting the market is disengaging rather than selling off. The research team notes that this appears more like the market entering a dormant phase, rather than a panic sell-off as described by some commentators.