17th May 2026 > > Myanmar & spot BTC ETFs.
- 6 hours ago
- 2 min read
tl;dr
A crackdown on crypto fraud is being led by Myanmar of all places. Spot BTC ETF outflows – perhaps in response to developments around the CLARITY Act – are disappointing.
Market Snap
Market Wrap
A little bit of vol seems to be returning to BTC, unfortunately to the downside for the time being. Though there have been some long liquidations in the past couple of days, funding rates have increased, suggesting that the short-base conviction has weakened. The grind higher in 10-year rates remains a worry for all risk assets.
Curious Cryptos’ Commentary – Myanmar
Myanmar has rarely (if ever?) appeared in the CCC. In general, our view of dictatorships is not a pretty one. I know that for a long time Aung San Kyi was the darling of all Western liberal news outlets, right up until the point she was elevated to be in charge and turned out to be almost as draconian in her coercion and control as the Junta she helped overthrow. Terribly disappointing to all of us, but especially to the citizens of that poor, benighted country.
Next week the “parliament” – the country is once again under full military control – will debate a law that all of us can support:
If your Burmese (calm down, that is the correct term I believe, even now, but certainly when I was learning it at school) is rusty, let me help.
In essence, anyone found committing “digital currency fraud” could face between ten years and life in prison or even, in extremis, the death sentence. I have it on good authority that the latter option is often viewed positively in comparison to spending any significant time in one of that country’s jails.
I think this is a tremendously great idea, though the minimum of ten years should be extended to say twenty-five years or more whilst getting rid of the death part of the sentencing options, and globally adopted.
That might give the feral scammers food for thought.
Curious Cryptos’ Commentary – Spot BTC ETFs
There’s no sugar coating this – last week was a disastrous week for the spot BTC ETFs. The strong start to May with $1.7bn inflows from the 1st to the 6th sharply reversed with $1.4bn of outflows since including one day totalling $630mm, the largest daily outflow ever recorded.
The CCC has been consistently negative lately on the prospects for the CLARITY Act, despite it getting a positive vote from the Banking Committee at the end of the week. It looks as though the market agrees, as that vote has turned out in hindsight to be a buy the rumour, sell the news event. With no progress to show on the thorny issue of an ethics provision (aimed squarely at the Trump family’s dubious involvement in memecoins) disappointment that there will not be bi-partisan support will act as a drag on prices for the next month or more.
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