Spot Bitcoin ETFs See First Major Pullback After Record $41B Inflows

By: crypto economy|2025/05/14 21:00:15

TL;DRSpot Bitcoin ETFs in the U.S. saw $96 million in net outflows, ending a four-day positive streak after reaching a record $41.180 billion in accumulated inflows.Despite the pullback in ETFs, Bitcoin and Ethereum are still gaining, driven by lower inflation data in the U.S. and a more optimistic macroeconomic environment for risk assets.Although spot Bitcoin ETFs experienced outflows, the long-term outlook remains promising due to growing institutional interest and adoption in emerging markets.After several consecutive weeks of record-setting inflows, U.S. spot Bitcoin exchange-traded funds (ETFs) have experienced their first significant setback. On Tuesday, they reported $96.14 million in net outflows, with Fidelity’s “FBTC” leading the exodus with $91.39 million, followed by Hashdex’s “DEFI” ETF with $4.75 million, according to Farside data. Interestingly, the remaining ten ETFs showed no movement in either direction, suggesting the outflows were concentrated in just these two funds and not reflective of a wider market sentiment shift.This shift comes immediately after the ETFs hit a major milestone: $41.18 billion in total net inflows, a clear sign of robust institutional demand for the leading cryptocurrency. However, far from being a warning sign, many pro-crypto analysts view this dip as a routine profit-taking moment after a bullish stretch, rather than an indication of waning interest in digital assets.Lower Inflation and Eased Trade Tensions Boost Crypto OptimismWhile some institutional investors chose to step back temporarily, the broader market remained in positive territory. Bitcoin rose by 1.4%, trading around $103,775, and Ethereum surged by 8.9% to reach $2,667. These moves coincided with a key economic development: the U.S. Consumer Price Index (CPI) rose just 0.2% in April, bringing the annual inflation rate down to 2.3%—the lowest since February 2021.This data has sparked expectations that the Federal Reserve may hold interest rates steady or even cut them before the end of the year, a scenario generally favorable for risk assets like cryptocurrencies. Additionally, trade tensions between the U.S. and China have eased slightly, offering another dose of relief to the global economic outlook. Analysts also note that such macro improvements tend to influence crypto sentiment positively over the medium term.Macro Conditions Still Support Bitcoin’s Long-Term TrajectoryThe most important takeaway isn’t the short-term ETF pullback, but the broader context. According to Ruslan Lienkha, chief of markets at “YouHodler”, the ongoing strength in emerging markets and rising institutional adoption of Bitcoin remain fundamental drivers. Furthermore, following Bitcoin’s halving event, reduced supply pressure could help support higher prices in the months ahead.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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