As of June 2, 2026, according to public statistics, the BTC spot ETF has seen continuous net outflows for 11 trading days, totaling approximately $3.452 billion, with institutions and compliant funds collectively choosing to "hit the brakes" on paper. At the same time, according to AiCoin data, the BTC spot price fell from about $81,710 to around $70,111, with a maximum pullback of about 14.2%. However, as of June 2, the price remained slightly fluctuating around $71,000, down about 0.18%. The tug-of-war around the $70,000 line has not produced a clear winner. In contrast to the cautious tone of ETF fund outflows, the derivatives side presented a completely different picture on the same day—around noon on June 2, a BTC long position with a nominal value of approximately $13.4 million and 40x leverage appeared on Hyperliquid. According to AiCoin data, this order ranked among the larger positions of the day, with bullish positions dominating among large positions during the same period, indicating that aggressive capital is still willing to leverage at high points to bet on price increases. In the background, of the approximately $292-$293 million worth of assets stolen from the Kelp DAO cross-chain bridge in April, aside from about $71 million being frozen, around $220 million was laundered by the attackers using tools like THORChain and Wasabi. Today, only about $1.7 million remains visible in the original address; the shadow of security has not completely dissipated, and yet it has not evolved into a panic sell-off in terms of price. The three threads of ETF institutional redemptions, speculative whales going long in derivatives, and the basic laundering of cross-chain attack funds together form the most bizarre picture of the current BTC market: the core signals of bulls and bears are starting to tear apart but have yet to provide a single directional answer.

$3.4 Billion Net Redemption Over 11 Days: ETF Under Pressure

Starting from mid to late May, up to June 2, 2026, according to publicly available statistics (single source), BTC spot ETFs have recorded net outflows for 11 consecutive trading days, with a total net redemption of approximately $3.452 billion. The holders are primarily institutions and compliant funds, which means that over the past two weeks, those choosing to withdraw their Bitcoin exposure from the "most regulation-friendly entry" are mainly players viewed as mid- to long-term allocation forces. Correspondingly, during the same period, the BTC spot price fell from about $81,710 to around $70,111, showing a maximum decline of about 14.2%. The net redemptions and the pullback resonate with each other, giving the impression of a "vote with feet" in terms of weakened confidence, but the price ultimately remains steady above $70,000, without experiencing the cliff-like crash often seen alongside institutional panic selling.

More intriguingly, this is not a storm solely for BTC. Concurrent statistics show that ETH spot ETFs have recorded net outflows for 15 consecutive trading days (single source), with mainstream cryptocurrency asset ETFs almost uniformly positioned on the redemption side. Whether the underlying motives are profit-taking, risk rebalancing, or asset rotation, this continued net redemption cycle appears more like a systematic cooling of traditional capital exposure to the entire cryptocurrency asset space, rather than an isolated punishment of a single asset.

Hyperliquid’s $13.4 Million Long Position: Whales Going Against the Tide

At the same time that the ETF side has seen net redemptions for 11 consecutive trading days, according to AiCoin data monitoring, around noon on June 2, a BTC contract surfaced on Hyperliquid with a nominal value of approximately $13.4 million and used 40x leverage, ranking among the day’s larger single positions. During the same statistical period, among various BTC contract subjects with higher trading volumes that day, the largest positions were largely leaning towards bullish, with bulls dominating the large positions. In other words, while traditional compliant capital is systematically cooling through ETFs, there are large players in the derivatives market betting on BTC continuing to rise with high leverage.

40x leverage means that the nominal value of this $13.4 million long position has a significantly smaller actual margin requirement than the surface number, yet it is extremely sensitive to short-term price fluctuations; even a slight pullback may bring it close to the risk line. Such a position may either be an aggressive long bet, reflecting extreme optimism about the future market, or a structural hedge in coordination with other exposures. Current public information is insufficient to confirm its true intent. What is certain is that while ETF holders choose to reduce positions and gradually withdraw exposure, there are still derivatives whales willing to amplify upward gains with high leverage. This dislocation game of "ETF withdrawal vs. derivatives whale bets" is tearing BTC's bullish and bearish narratives into two completely different time scales and risk appetites.

After Losing 14%, Holding at $70,000: Where is the Bull's Confidence?

According to AiCoin data, during the same phase when the BTC spot ETF has been publicly reported to have net outflows for 11 consecutive trading days, accumulating approximately $3.452 billion, the BTC price has pulled back from about $81,710 to around $70,111, with a drop of about 14.2%. However, the breakdown of the key $70,000 level was not lasting. By June 2, 2026, BTC quotes remained near $71,000, with a daily fluctuation of about -0.18%, showing overall narrow-range oscillation at high levels. The price level did not suggest a scenario of "complete bull breakdown"; rather, amid ETF holders’ choice to redeem, it has shown certain resilience, meaning that the main selling off has been from medium- to long-term institutional capital entered through ETFs, rather than all participants simultaneously pressing the retreat button.

This combination of "ETF net redemption + resilient price" seems more like a divergence of different time cycles and risk appetites on the same asset, rather than a unilateral trend pointing downwards: ETF investors are slowly adjusting their positions through redemptions, while derivatives and OTC buyers are repeatedly maneuvering above $70,000. However, it is important to emphasize that the available public materials have not provided systematic data during the same period regarding long-term holding addresses, active addresses, or large transfers on the BTC blockchain. We cannot quantitatively prove whether there is significant long-term holding quietly absorbing the downward pressure. What can currently be confirmed is the tearing of sentiment and trading structures—one side consists of compliant capital gradually reducing positions through ETFs, while the other consists of bullish traders willing to withstand volatility at high levels. Which side truly represents the "smarter money" remains to be answered by subsequent on-chain and funding data.

$220 Million of Black Funds Laundered: Security Shadows Still Looming

On the other side of the sentiment and position tearing lies a heavier storyline. In April 2026, the Kelp DAO cross-chain bridge was breached, with approximately $292-$293 million of equivalent assets being transferred away within a short time. Among them, about $71 million was timely frozen through collaboration among the project parties, trading platforms, and others, successfully intercepting those funds. However, the remaining approximately $220 million of stolen funds were quickly split and used for cross-chain transactions and mixing: according to public tracking, the attackers used tools like THORChain and Wasabi for multiple rounds of transfers and path obfuscation, and today only about $1.7 million remains in the original address, meaning that the vast majority of the black funds have been "laundered" into addresses and networks that are harder to trace.

This attack, which nearly reached the scale of $300 million and successfully laundered a significant portion, has pushed the cross-chain bridge and privacy tools back into the spotlight. On one hand, it has once again pierced the sense of security in DeFi: contracts can be audited, bridges can be fortified, but as long as one link is breached, the subsequent odds of tracking and recovering stolen assets remain low; on the other hand, the trust discount for cross-chain bridges and the pragmatic boundaries of asset traceability will be repeatedly amplified by regulatory and compliance institutions. In the absence of direct evidence, such events are unlikely to escape being included as negative samples in their assessments of long-term participation willingness. In contrast, despite the shadow of the Kelp DAO black funds laundering looming overhead, the BTC price still holds above approximately $70,000, bullish sentiment in derivatives has somewhat warmed up, and market sensitivity to single security events has significantly declined; however, fissures in trust are silently accumulating.

Institutional Redemptions, Whales Going Long: The Tug-of-War Continues

Looking at the three threads—BTC spot ETFs with net redemptions totaling approximately $3.452 billion over 11 consecutive trading days, ETH spot ETFs being statistically recorded for 15 consecutive days of net outflows, yet prices have maintained around $71,000 after an approximate 14.2% pullback; a long position on Hyperliquid with a nominal value of approximately $13.4 million and 40x leverage, with bullish positions dominating; and approximately $220 million of stolen funds from Kelp DAO that have been laundered, leaving only about $1.7 million in the original address—it seems the current market resembles a restructuring of bullish and bearish powers in the middle, rather than declaring a one-sided trend. What deserves attention next is whether the redemption direction of BTC and ETH spot ETFs can transition from continued net outflows to stop the bleeding or even reverse, whether this multi-million long position and its potential "similar positions" can survive amidst price fluctuations, or will be directly wiped out through market clearing, and how events like the Kelp DAO incident will impact governance mechanisms, security audits, and potential regulatory requirements, thus being incorporated into risk discount models by compliance institutions. For ordinary participants, treating ETF redemptions, large derivative positions, and security incidents as a set of interlinked signals observing market structure and risk preferences is much closer to the true situation at this stage than interpreting them crudely as a single directive of "should I buy or sell now?".

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