Bitcoin rebound dey look shakey as demand for Coinbase dey fade and ETF outflows dey grow

Bitcoin bounce back from around ~$65,000 support area for April and push towards ~$77,000, but di structure behind di move dey look weaker. New demand data dey show say e don shift to leverage-led support rather than steady spot buying. CryptoQuant show say Bitcoin demand drop to about -120,000 BTC for May, after e short-time turn positive for February. Dis one match with softer institutional and institution-adjacent flows. Reported U.S.-linked ETF flows sef weaken, with outflows quoted near ~$105 million (earlier reports talk say outflows near ~$331 million). Coinbase demand don worsen. Coinbase Premium weaken to about -0.098%, dem describe am as the strongest selling-pressure signal since February, meaning U.S. spot conviction still dey lack. Derivatives add more caution: open interest rise close to ~$55B, but funding rates cool down as bullish conviction fade. High stablecoin reserves for exchanges mean liquidity dey wait for stronger confirmation. For traders, Bitcoin fit keep the “headline” support, but the upside durability likely depend on renewed spot demand and re-acceleration of ETF/institutional inflows. Till then, price action fit remain sensitive to leverage unwinds and continued ETF/spot weakness.