Strategy Sells BTC, Geopolitical Reaction Function, and CFTC Regulated Perps

Goldman Sachs analyzes Strategy's recent Bitcoin sale and significant May ETF outflows, alongside a breakdown in crypto's correlation with tech stocks. It highlights a landmark CFTC approval for regulated crypto perpetual futures platforms in the U.S.

Key Takeaways

• 1.An institutional entity referred to as 'Strategy' sold 32 BTC for $2.5m, its first sale since 2022, causing BTC to retrace towards $70k.
• 2.U.S. Spot ETFs experienced massive outflows in May, totaling -$2.4b for BTC and -$540m for ETH.
• 3.The historical correlation between Bitcoin and software tech stocks (IGV) is breaking down as tech inflects higher YTD while crypto remains deeply negative.

Table of Contents

• U.S. Spot ETF Flows
• Revisiting BTC's Geopolitical Reaction Function
• Regulatory Developments: CFTC Approves Regulated Perpetuals
• Appendix (5y charts)

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