Bitcoin Holds Steady Above $80,000 Amid ETF Outflows

Bitcoin continued its steady performance, holding close to $80,000 as U.S. spot bitcoin ETFs logged two consecutive days of outflows. This development put pressure on the cryptocurrency's recent climb, but it remained above a key level that has become a litmus test for institutional interest.

The outflows from U.S.-listed spot bitcoin ETFs were notable, with $268.5 million leaving on May 7 and another $145.7 million departing the next day. Fidelity's FBTC topped the list of withdrawals at $97.6 million, while BlackRock's IBIT trailed with $27.2 million in outflows.

Despite the ETF outflows, Bitcoin remained above $80,000, with Ether and Solana also seeing gains. The broader crypto market remains exposed to flow-driven selling, which could lead to another round of short-term selling by leveraged traders if redemptions accelerate.