Bitcoin spot ETFs see $277.50M net outflow on May 7; Ether ETFs lose $103.52M

Bitcoin spot ETFs registered a combined $277.50 million in net outflows on May 7, snapping a five-session streak of inflows, according to SoSoValue. The pullback reduced cumulative net inflows since launch to $59.49 billion. Total net assets across the products slipped to $106.77 billion from $108.76 billion the prior day, while session trading volume totaled $1.98 billion. The reversal followed May 6's modest $46.33 million inflow, the smallest of the recent positive days. Earlier in the run, the group attracted $467.35 million on May 5, $532.21 million on May 4, and $629.73 million on May 1. Across four of the prior five sessions, nearly $1.7 billion moved into the products. Eight of the eleven Bitcoin ETFs reported net redemptions on May 7. Two posted inflows, and three were flat. Fidelity's FBTC (CBOE: FBTC) led withdrawals with $128.99 million in net outflows, equal to about 1.61 thousand BTC. The fund's cumulative net inflow stands at $11.23 billion. BlackRock's iShares Bitcoin Trust (NASDAQ: IBIT) posted $98.02 million in outflows, or roughly 1.22 thousand BTC, taking its cumulative net inflow down to $950.35 million. Grayscale's GBTC (NYSE: GBTC) saw $26.78 million leave. Ark & 21Shares' ARKB (CBOE: ARKB) recorded $12.62 million in outflows. Invesco's BTCO (CBOE: BTCO) lost $9.97 million, Valkyrie's BRRR (NASDAQ: BRRR) shed $9.03 million, and VanEck's HODL (CBOE: HODL) posted a $5.10 million outflow. Two Bitcoin ETFs took in new money: Morgan Stanley's MSBT (NYSE: MSBT) added $7.35 million and Grayscale's Bitcoin Mini Trust (NYSE: BTC) gained $5.67 million. Bitwise's BITB (NYSE: BITB), Franklin's EZBC (CBOE: EZBC), WisdomTree's BTCW (CBOE: BTCW), and Hashdex's DEFI (NYSE: DEFI) reported zero net flows. Ether-based ETFs also turned negative on May 7, logging $103.52 million in net outflows in their first down session in five days. None of the ten listed Ethereum products posted inflows. Cumulative net inflows for the category fell to $12.08 billion, with total net assets at $13.60 billion. Trading volume across the Ethereum ETFs rose to $524.38 million from $491.75 million the prior session. Fidelity's FETH (CBOE: FETH) posted the largest Ethereum ETF outflow at $62.26 million. BlackRock's iShares Ethereum Trust, ETHA (NASDAQ: ETHA), saw $26.31 million exit. Grayscale's ETHE (NYSE: ETHE) and Ethereum Mini Trust, ETH (NYSE: ETH), together lost $12.08 million, split between $8.38 million and $3.70 million. 21Shares' TETH (CBOE: TETH) recorded a $2.86 million outflow. Despite the May 7 pullback, Bitcoin spot ETFs continued to hold more than $59 billion in cumulative net inflows since their January 2024 debut. Total net assets across the 11 funds ended the session at $106.77 billion, down from a recent high of $108.98 billion on May 5. April ended with mixed flows, including $14.76 million of inflows on April 30 and $137.77 million of outflows on April 29.