Spot Bitcoin ETFs recorded $2.8 billion in outflows over nine days, marking the longest losing streak and pushing year-to-date flows negative.
Spot Bitcoin exchange-traded funds experienced a record nine consecutive days of outflows totaling $2.8 billion through May 28. The exodus reflects deteriorating investor sentiment and a shift in institutional capital away from crypto assets.
The largest single-day outflow reached $733.43 million this Wednesday, with BlackRock’s IBIT alone shedding $527.84 million. Weekly outflows surged from $1 billion in mid-May to $1.26 billion the following week, culminating in $1.30 billion this week. Analysts noted the outflows pushed ETF year-to-date flows into negative territory for the first time.
Long-term Bitcoin holder supply hit a record 15.8 million BTC, signaling a lack of new buyers rather than accumulation. Whale balances are contracting at a pace last seen during the 2022 bear market, according to market data.