Why is Bitcoin stagnated despite $2B in spot ETF inflows?

) has experienced a 6.7% drop after almost reaching $72,000 on May 21, settling at $67,100. This decline does not necessarily signal a bearish trend, as Bitcoin is still only 8.7% below its all-time high. However, investors are puzzled why the recent inflows into Bitcoin spot exchange-traded funds haven't sparked more bullish sentiment.Data from Farside Investors reveals $1.96 billion in net inflows into U.S. spot Bitcoin ETFs since May 15, equivalent to 64 days of BTC issuance from miners.

Consequently, if institutional investors continue to acquire Bitcoin through ETFs yet the price keeps falling, it's likely that selling pressure originates from the regular spot markets. It's suggested that the movement of 141,686 BTC by the bankrupt Japanese exchange Mt. Gox on May 28 indicates anOver $9.4 billion worth of Bitcoin is owed to about 127,000 creditors of Mt. Gox, who have been waiting for over a decade since the exchange's collapse in 2014 due to multiple hacks.

In addition to ongoing legal challenges and Wells notices, there's a persistent political backlash against cryptocurrencies. On May 29, U.S. Senators Elizabeth Warren and William Cassidyto the Drug Enforcement Administration, claiming that cryptocurrencies have"played an increasingly prominent role" in the fentanyl trade. Senator Warren has previously faced criticism for using unreliable data in discussions about terrorism.

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