Steve Sosnick says “crypto tourists” are exiting as spot Bitcoin ETFs see $1.42B outflows

Interactive Brokers strategist Steve Sosnick said on the “Bits + Bips” podcast that crypto’s pullback is exposing “tourist” capital that bought momentum and is now selling. Spot bitcoin ETFs recorded $1.42 billion in net outflows from May 25 to May 29, while spot ether ETFs saw $241 million leave over the same period. Sosnick argued that sustained rallies require conviction holders who won’t rotate out when competing trades—such as AI stocks—grab attention.