[Analysis: Bitcoin Demand Remains Weak, ETFs Record $2.8 Billion Net Outflow Over 9 Consecutive Days] BlockBeats reports that as of May 29, Bitcoin has stabilized near $73,500, down approximately 10% from this month's high of $81,000. Despite an improvement in market risk appetite, BTC's performance remains weaker than other risk assets. Data shows that spot Bitcoin ETFs have experienced net outflows for 9 consecutive trading days, marking the longest outflow streak in history, with a cumulative net outflow of approximately $2.8 billion, indicating a weakening in new market buying interest. Year-to-date, Bitcoin's performance has lagged behind popular sectors such as AI, semiconductors, and storage chips, with some funds flowing into these areas. Certain institutional investors may be reducing their Bitcoin exposure and reallocating funds to assets that have shown stronger recent performance. Glassnode believes that current ETF inflows and spot demand are insufficient to support BTC's return above $78,000. Meanwhile, CryptoQuant data shows that long-term holders (LTH) now hold a record 15.8 million BTC. However, analysts suggest that this increase is partly due to investors refraining from trading for extended periods rather than new buying demand. Polymarket data indicates that the market currently expects BTC to close the month within the $72,000 to $76,000 range. Additionally, the performance of altcoins relative to BTC is improving. Analysts note that the altcoin index, excluding the top 10 cryptocurrencies, has risen above the 50-week exponential moving average. If it closes above this level for the week, altcoins may still have approximately 20% upside potential relative to BTC. [Original Link]