Spot Bitcoin ETFs recorded $229 million in net outflows on May 28, marking the ninth consecutive day of withdrawals. This trend highlights a risk-off sentiment in the crypto market, with institutional investors showing reduced risk appetite amid macroeconomic caution and regulatory scrutiny. The sustained outflows from these regulated investment vehicles suggest a significant shift in institutional sentiment towards Bitcoin. Market pricing indicates a low probability of Bitcoin reaching $84,000 by the end of May, reflecting broader concerns over institutional positioning and economic conditions.