Gate Research: ETF Outflows Weighed on Risk Appetite as a Two-Way MA System Navigated May’s Weak Crypto Market

Gate Research reviewed May’s crypto market and found that BTC, ETH and SOL all moved from early-month rallies into pullbacks and low-volatility consolidation. Spot ETF outflows, weaker spot absorption and a high perpetual-futures share shaped price discovery. Equal-weight buy-and-hold across the three assets returned about -6.09%, the long-only moving-average-cluster breakout strategy returned about -3.65%, while the two-way version gained +2.11%, mainly from short trend legs in ETH and SOL.