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Key Takeaways
- U.S. spot Bitcoin ETFs recorded nine straight sessions of net outflows through May 28, with $228.88 million exiting on Wednesday alone and the cumulative nine-day total surpassing $2 billion since May 14.
- BlackRock’s IBIT led Wednesday’s redemptions with $177.94 million in withdrawals, followed by Grayscale’s GBTC at $26.19 million and Fidelity’s FBTC at $19.16 million.
- Despite the streak, the 13-fund complex still holds $94.25 billion in net assets and $55.79 billion in cumulative net inflows since launch, suggesting the outflow run has reduced but not reversed the funds’ overall position.
US spot Bitcoin ETFs recorded a ninth consecutive session of net outflows on May 28, with $228.88 million leaving the 13-fund complex. BlackRock’s IBIT led withdrawals, shedding $177.94 million in a single session. The streak has now pulled more than $2 billion from spot Bitcoin products since May 14, reversing weeks of accumulation.
Nine-Day Streak Tops $2 Billion in Total Outflows
The sustained outflow run marks one of the longest withdrawal streaks since US spot Bitcoin ETFs launched. The 13-fund complex still holds a combined $94.25 billion in net assets, equal to roughly 6.39% of the total Bitcoin market capitalization.
Cumulative net inflows since launch remain at $55.79 billion, suggesting the recent withdrawals have reduced but not reversed the net inflows recorded since launch.
BlackRock’s IBIT Leads Wednesday Redemptions
BlackRock’s iShares Bitcoin Trust led Wednesday’s redemptions, accounting for $177.94 million of the session’s total outflows, according to SoSoValue data. Grayscale’s GBTC and Fidelity’s FBTC followed with $26.19 million and $19.16 million respectively, with the three funds responsible for the bulk of exits across the 13-fund complex.
Analysts say the moves reflect a broader shift in how institutions are using these products. Jeff Ko, Chief Analyst at CoinEx, had this to say:
“ETF flows today reflect portfolio rebalancing, macro hedging, and tactical de-risking by allocators who can finally express bitcoin exposure through liquid, regulated securities.”
Fed Rate Cut Delay and Rising Oil Prices Cited as Drivers
Bitcoin traded at $73,504 at the time of writing, down 5.39% over the past seven days and roughly 42% below its all-time record above $126,000, according to price data.
Goldman Sachs recently pushed its forecast for the next Fed rate cut to December 2026. Some market participants have also cited ongoing US-Iran tensions and rising oil prices as contributing factors behind the outflows, though the claim that oil prices have lifted core inflation back above the Fed’s 2% target requires a sourced data reference.
Thursday’s flow data, expected after US markets close, will show whether the streak extends to a tenth session.
