Crypto Is In A Bear Market… So Why Aren’t ETF Investors Selling? w/ James Seyffart

**James Seyffart** (0:00)
Bitcoin bear markets are not just measured in how far they've gone down, they're also measured in the length of time, and we're still pretty short if you consider the bear market to have begun around that October 10th, start the sell-off.

**LGDooZed** (0:10)
What's up, everybody? It's LGDooZed here, and welcome to The Milk Road Show, the daily crypto show that didn't think we'd get a sequel to Crypto Winter so quick and so soon, but understands that when you live your life a financial quarter at a time, all you really got at the end of the day is family. Today is June 3rd, 2026 Guys, it's been less than 48 hours since I recorded with Jamie Coutts, and crypto has taken a major tumble, or rather, Bitcoin has. Yesterday, we woke up to 69,000, and we were later greeted by an even more dire price of almost 65,000. All this on the heels of Michael Serler selling to prop up his dividend, which has perhaps started the inevitable cascade we all feared following a months-long rally. But today, we're actually going to look at the real data of what is going on with Bitcoin and all our other dear coins. We will talk about ETFs, hyperliquid and SpaceX with James Seyffart, Senior Research Analyst at Bloomberg. Today's episode is brought to you by Cape, the privacy-first mobile carrier, Nexo, earn interest, borrow and trade crypto, and CalShe, where your takes finally pay out.
James, welcome back, man.

**James Seyffart** (1:10)
Thanks for having me. Happy to be here, Eldred. Okay.

**LGDooZed** (1:13)
So you get like a front row view of all this kind of stuff, right?
You get to see front and center when there's money moving in and out of these ETFs. And what I want to know from you is, did you know this was going to happen like last week? We were going to take another tumble. Like what has the data been telling you in the last couple of days?

**James Seyffart** (1:33)
Yeah, no, I had no idea that this was going to happen. So I wish I could say that I did, but I obviously didn't. And yeah, I mean, Bitcoin specifically, it started its losing streak or outflow streak, I should say, a couple of weeks ago. We're on 12 trading days in a row of outflows. I'm totaling nearly 4 billion for the US spot Bitcoin ETFs, which is pretty aggressive. We haven't seen anything quite that bad. And if this continues, it's going to be a record for outflows.
Wow.

**LGDooZed** (2:03)
So you're telling me that we are seeing record outflows from the ETFs right now for Bitcoin or Bitcoin and like ETH, Solana and everything else?

**James Seyffart** (2:13)
Really, it's just Bitcoin over the last, like, you know, like I said, I think it's a 12 day streak. I don't even know if I would call it a record. I guess like over a 12 day period, it's probably a record. I haven't done the exact numbers, but we're at 4 billion over those 12 days for the most part. And you go out another week or so and you get to another almost billion near 5 billion. So it's not a good look. But again, we saw 9 billion come out from October through the end of February. So, I mean, these ETFs, I've said this with you guys before.
The way they grow is like usually it's a few steps forward and then a couple steps back, few steps forward, a couple steps back. Right now, we've been in now where you've basically just gone sideways from October, you know, whatever happened with the auto deleveraging October 10th, all of that. But as you can see, we're kind of been sideways since that October number. We're obviously down. We're not quite at the lows where we were at the end of February. But yeah, it's not looking good. We were getting close to reaching a new all time high towards the beginning of May. And now as we get back into June, we're now near the lows of where we were at the end of February. So yeah, not the greatest low.

**LGDooZed** (3:16)
Guys, listen, we are at a very crucial point in time right now. AI stocks have ripped. They're going to keep ripping. Our analysts on the AI side are up literally 100% or more on quite a few calls. And crypto is about to boom again. Or at least it feels that way. If you want all the insight on what we're buying, what our analysts are doing, what's on their watch list, all of that is in Milk Road Pro. So join at the link below. And this, what we're looking at right now, is this specifically Bitcoin?