US spot Bitcoin ETFs have recorded their longest stretch of net outflows since launch, with nine consecutive trading days of withdrawals totaling about $2.8 billion, according to SoSoValue data cited in the report. The streak breaks the previous record set since these products began trading in January 2024.
Bitcoin prices weakened at the same time. During the run of ETF redemptions, BTC fell from around $80,000 to roughly $73,000. The report said spot Bitcoin ETFs in the US lost about $1.3 billion this week alone, while total net outflows for May climbed to $2.3 billion. It also marked the third straight week of net withdrawals.
Largest ETF products show signs of institutional repositioning
The pullback was also visible in the biggest fund names. BlackRock's iShares Bitcoin Trust, IBIT, posted its largest single-day outflow since launch this week. The move was linked to a dark pool transaction worth several billion dollars. The report said the exact motive behind that trade remains unclear, but the size of the transaction points to a notable shift in institutional positioning.
Where did the money go. The report points to US equities tied to AI and semiconductors. As major technology companies keep increasing capital spending on AI infrastructure, semiconductor and memory-chip stocks have attracted strong demand, prompting some institutions to rotate capital away from crypto exposure and into hotter areas of the stock market.
Glassnode data links heavy selling to local bottoms
Even with the outflow trend, the report highlighted a different reading from blockchain analytics firm Glassnode. Based on past market behavior, periods of sustained ETF selling pressure, especially when measured through lows in the 14-day moving average of fund flows, have often lined up with local bottoms in Bitcoin.
Two past cases were cited. In early February this year, Bitcoin moved toward $60,000 during a market correction, accompanied by heavy outflows before rebounding. In November last year, after Bitcoin hit a high and then pulled back, ETF outflows also accelerated as the asset approached a local low near $85,000. That leaves the current nine-day, $2.8 billion withdrawal streak as both a sign of near-term weakness against fast-rising tech trades and a setup some analysts are watching for a possible stage-level bottom.