U.S. spot Bitcoin ETFs posted a combined $733.4 million in net outflows on Wednesday, the largest one-day withdrawal since Jan. 29. BlackRock's IBIT accounted for $527.8 million of that total, just $460,000 short of its record outflow of $528.3 million set on Jan. 30. Bitcoin fell below $73,000 in Thursday's Asian morning session, with traders watching the $70,000 level as liquidations added pressure.
The move followed a large block trade. After Tuesday's close, IBIT saw a $1.29 billion dark pool transaction, and the broader ETF market weakened the next day. That reversed a short-lived rebound in fund flows and cut total net inflows for May down to just $536 million.
IBIT led the selloff across spot Bitcoin ETFs
IBIT was the main source of pressure, but it was not alone. Grayscale's GBTC recorded $104.8 million in net outflows, while Fidelity's FBTC lost $60.3 million. Six other funds also ended the session in negative territory. The only product to post a positive flow was Morgan Stanley's MSBT, which added $4.3 million.
Analysts cited in the report said the $1.29 billion dark pool trade likely acted as the trigger. A large seller appears to have exited off-exchange first, then selling spread into the broader market and drew follow-on liquidation. Measured another way, that off-market transaction was larger than the entire day's ETF net outflow, pointing to heavier pressure than the headline flow number alone suggests.
ETF withdrawals and macro stress weighed on Bitcoin
Nick Ruck, director at LVRG Research, said the decline reflected profit-taking and defensive positioning after recent highs. He also pointed to rising U.S. Treasury yields and geopolitical strain. In his view, capital did not disappear; it rotated into traditional financial stocks. Once key price levels gave way, derivatives liquidations pushed the market lower at a faster pace.
Peter Chung, head of research at Presto Research, said Bitcoin has shown an unusual trading pattern since mid-May. Over the past two weeks, it has continued to weaken and has underperformed the S&P 500 and the Nasdaq, with spot ETF outflows acting as the main driver. The report said cumulative ETF withdrawals in May have already exceeded $2 billion, while total net inflows for 2026 have shrunk sharply to only $536 million.
Macro markets added to the pressure. Asian equities opened lower on Thursday, with the Hang Seng Index down 0.69%. Oil prices jumped 3% as tensions involving the U.S. and Iran flared again around a fragile ceasefire. Against that backdrop, Bitcoin remained under pressure, and analysts kept focus on whether support at $70,000 can hold.