US Spot Bitcoin ETFs See $1.72B Weekly Net Outflows, BlackRock's IBIT Leads Redemptions
US spot Bitcoin ETFs recorded $1.72 billion in net outflows last week, according to SoSoValue. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $1.34 billion of the withdrawals, marking its largest weekly redemption since launching in January 2024. The total was also the biggest weekly net outflow for the US spot Bitcoin ETF market since February 2025.
Andri Fauzan Adziima pointed to the May 2026 US nonfarm payrolls report as the key trigger. A stronger-than-expected labor market pushed back near-term expectations for a Federal Reserve rate cut. Analysts said Bitcoin's weekend bounce looked more like an oversold technical rebound than a shift in the macro backdrop.
Why it matters: Persistent ETF redemptions can dampen spot demand and leave BTC more sensitive to macro liquidity signals.
Market read-through: Bearish, risk-off, flow-driven de-risking, as the size of the weekly outflow suggests softer institutional appetite for BTC exposure.
Historical context: On March 18, 2024, GBTC outflows reached $643 million; Bitcoin fell about 4% while trading above $65,000 amid ETF-related selling pressure (CoinDesk). This time, the pressure is centered on IBIT and broad weekly redemptions across spot ETFs, rather than legacy GBTC conversion dynamics.
Ripple effects: Continued outflows could weaken a direct institutional demand channel and increase reliance on broader risk appetite. If weekly redemptions persist, spot liquidity may stay more vulnerable to rate and yield expectations. Stabilizing flows alongside improving macro conditions would likely ease this pressure channel.
Opportunities and risks:
- Opportunities: A clear end to broad weekly redemptions could serve as a trend-confirmation signal for adding exposure. A mid- to late-June recovery would carry more weight if macro conditions also improve.
- Risks: If outflows remain heavy in early June, trimming unhedged BTC exposure may help limit downside from forced de-risking. Elevated Treasury yields could keep BTC competing with fixed-income returns.
