U.S. Spot Bitcoin ETFs Log $1.63B in Net Outflows Over Five Days as BlackRock's IBIT Accounts for Most Withdrawals

U.S. spot Bitcoin ETFs extended their selloff on May 21, posting a fifth straight session of net redemptions that brought the five-day total to nearly $1.63 billion, CoinDesk reported. BlackRock's iShares Bitcoin Trust (IBIT) was the largest driver of the withdrawals, as institutional rebalancing continued to weigh on sentiment. IBIT recorded outflows of $448.4 million, $325.6 million, $615 million and $103.7 million from May 18 through May 21. Over those four trading days, redemptions topped $1.15 billion, representing roughly three-quarters of the recent net outflows across spot Bitcoin ETFs. Pressure has also spread to other issuers. ARK Invest's ARKB saw about $163 million leave the fund, while Fidelity's FBTC posted roughly $114 million in outflows. Bitcoin remained below $78,000, struggling to break the recent downtrend. At the same time, flows have rotated toward select altcoin products: while Bitcoin and Ethereum ETFs have been less resilient, XRP and Solana ETFs have continued to draw fresh capital. A Solana ETF reported nearly $3.86 million of net inflows in a single day, suggesting some investors are still seeking exposure elsewhere in crypto.