Spot bitcoin ETFs post record nine-day outflows, signaling weakening demand despite broader market gains from geopolitical easing.
Bitcoin underperformed broader risk assets on May 29, 2026, as spot ETFs recorded a ninth consecutive day of outflows, the longest streak on record. The outflows coincide with a drop in short-term holder supply, which has fallen by 2.2 million BTC since December, including 900,000 BTC from Coinbase reserves now classified as long-term holdings.
While long-term holder supply reached a record 15.8 million BTC, analysts suggest the milestone reflects market inactivity rather than conviction. Glassnode data shows the realized profit/loss ratio at 1.56, below levels typical of stronger bull markets, and spot demand remains insufficient to sustain prices above the $78,000 cost-basis level.
Risk assets advanced broadly after reports of potential U.S.-Iran negotiations to reopen the Strait of Hormuz, easing oil supply concerns. Bitcoin’s weakness appears isolated to crypto-specific factors, contrasting with the broader market rally.