Mark Yusko Says Look Past Bitcoin ETF Outflows: ‘Bear Markets Are Over’

by | May 14, 2026 | General

Bitcoin (CRYPTO: BTC) may have already bottomed for this cycle, according to Morgan Creek Capital founder Mark Yusko.

He argues global money printing, weakening fiat purchasing power and excessive leverage in traditional markets continue strengthening the long-term bullish case for crypto.

ETF Outflows Not Main Concern

Speaking in an interview with Scott Melker on May 14, Yusko warned that the real risk for markets now sits inside overleveraged AI and equity speculation rather than Bitcoin itself.

Yusko argued Wednesday’s $630 million Bitcoin ETF outflow day likely reflected institutional arbitrage positioning rather than genuine investor panic.

According to Yusko, many large ETF flows come from hedge funds running basis trades rather than directional Bitcoin bets.

“The little flows are real. The big flows usually are not,” Yusko said while discussing arbitrage activity around Bitcoin ETFs.

Yusko also said the broader market is becoming increasingly vulnerable due to:

  • Record margin debt
  • Extreme AI-related valuations
  • Weak underlying GDP growth
  • Persistent global liquidity expansion

BTC Bullish Setup And Regulation

Mark Yusko said Bitcoin’s bullish setup remains intact as global money supply growth and ongoing fiat currency debasement continue supporting hard assets like BTC.

He highlighted rising liquidity in the U.S. and China while arguing Bitcoin strengthens as governments expand debt and monetary supply.

“Bitcoin’s price never changes. One Bitcoin is one Bitcoin,” Yusko said, arguing fiat currencies are what continue losing purchasing power.

Yusko believes Bitcoin likely already bottomed near the low-$60,000 range, citing Metcalfe-law valuation models showing BTC traded below network value during the correction. However, he warned severe market-wide deleveraging events, like the March 2020 crash, could still temporarily push prices lower due to forced liquidations.

On regulation, Yusko criticized parts of the crypto Clarity Act and stablecoin rules, arguing large banks are shaping legislation to protect traditional banking profits. He said yield-bearing stablecoins could eventually compete directly with bank deposits and pressure net interest margins.

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