Bitcoin trades below $68,000 as implied volatility falls to 52% and US spot ETFs log $678 million outflows in May

Bitcoin is trading just under $68,000 with limited upside momentum as its 30-day implied volatility has declined to an annualized 52%, down from nearly 100% earlier this month when the price fell to around $60,000, Volmex and CoinDesk data show. Bitfinex analysts told CoinDesk that implied volatility has eased and deleveraging momentum is waning, while BTC perpetual funding rates remain only slightly above zero, indicating mild bullish positioning in derivatives markets rather than aggressive bets. US-listed spot bitcoin exchange-traded funds have recorded $677.98 million in net outflows so far this month, extending a three-month streak of redemptions, according to SoSoValue. Bitfinex analysts noted that falling US inflation, which slowed to 2.4% year-on-year in January from 2.7% in December, and a drop in the real yield on the 10-year Treasury note to 1.8% could improve conditions for non-yielding assets like bitcoin if sustained.