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Spot Bitcoin ETFs Extend Selloff: $4.4B Pulled Over 13 Trading Days

US spot Bitcoin ETFs recorded $396.6 million in net outflows on Wednesday, extending their losing streak to 13 straight trading sessions. Since the run of redemptions began on May 14, investors have withdrawn about $4.4 billion, according to SoSoValue. It's the longest uninterrupted stretch of net outflows since spot Bitcoin ETFs launched in January 2024. Bitcoin has fallen roughly 21% from its May 15 peak, and ETF-related selling has added to broader weakness in the largest cryptocurrency. Where the outflows are coming from BlackRock's iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF by assets, made up a sizable share of the day's redemptions. Fidelity and Grayscale funds showed similar patterns, with outflows spread across major issuers rather than driven by one product. The biggest weekly outflow during the 13-day period was $1.42 billion for the week ending May 29. Even with the recent wave of withdrawals, cumulative net inflows into spot Bitcoin ETFs since their January 2024 debut remain near record highs. What's behind the exits Profit-taking appears to be a primary driver. Bitcoin rallied into mid-May, and the subsequent pullback has encouraged some institutional holders to cut exposure. Ongoing macro uncertainty has also kept institutional allocators cautious across asset classes. Mechanics matter as well: ETF outflows can translate into direct selling of Bitcoin. When shares are redeemed, authorized participants sell Bitcoin to meet redemptions, which can amplify downside moves and prompt additional withdrawals as prices fall. What investors are watching Some analysts frame the streak as potential capitulation. Historically, extended periods of institutional selling in crypto markets have often preceded major price lows. The issuer mix is another focus. If IBIT continues to see disproportionately large redemptions versus peers, it may point to institutional rotation between products rather than a broad exit from Bitcoin exposure.
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