US Spot Bitcoin ETFs Shed Nearly $3B Over 10 Straight Outflow Days as BTC Hovers Near $73.9K
US-listed spot Bitcoin ETFs extended their longest run of withdrawals on record, logging net redemptions for ten consecutive sessions and pulling nearly $3 billion from the products since May 15. Daily outflows ranged from about $70 million to as much as $733 million on Wednesday, cutting combined net assets to $94.17 billion from $104.29 billion in roughly two weeks.
The streak surpassed the prior record of eight straight outflow days set in early 2025, when redemptions totaled $3.2 billion. The new run was broken on Thursday and extended again on Friday, highlighting the scale of the institutional pullback.
Some analysts see signs the selling pressure may be peaking. Santiment said extreme ETF outflows have often coincided with cyclical Bitcoin lows, framing the move as a contrarian signal. It pointed to a roughly $904 million single-day ETF exit in November 2025 that preceded a sharp rebound. The Crypto Fear and Greed Index sits at 23 (Extreme Fear), while the broader market is down about 9.5% since mid-May, levels that previously aligned with turning points for institutional flows.
Strategy, the largest corporate Bitcoin holder, briefly unsettled traders after on-chain monitors spotted a transfer of 411.5 BTC (around $30 million) to Coinbase Prime—its first direct exchange deposit in nearly two years. The funds were moved back to corporate custody within hours, easing speculation that Michael Saylor was positioning the company for its first BTC sale in years. Polymarket odds of Strategy selling any Bitcoin in 2026 jumped above 90% following the deposit and softened only slightly after the reversal. Strategy still holds 843,738 BTC valued at more than $62 billion and has paused weekly buying since May 18.
On the regulatory front, the US Commodity Futures Trading Commission approved Bitcoin perpetual futures offered by prediction-markets platform Kalshi. Perpetuals have no expiry and are designed to track spot prices through funding-rate mechanisms. They dominate offshore crypto derivatives trading but have historically been unavailable to US retail markets. Regulators said the contract meets requirements under the Commodity Exchange Act and signaled that crypto markets may be well suited to 24/7 trading, clearing and settlement. The decision is viewed as a structural step toward broader onshore exchange-traded crypto derivatives.
Quantum risk also returned to focus. Deeptech investor Andrew Gault warned that Bitcoin's exposure extends beyond private keys, arguing that encrypted data traversing interbank rails, custodial bridges and settlement networks could be harvested now for future decryption. In a March advisory, Google's security team cited rapid progress in quantum hardware and factoring estimates, setting 2029 as an internal target to complete its migration to post-quantum cryptography. About 6.9 million BTC are held in addresses with exposed public keys, and Bitcoin's migration roadmap remains unresolved.
Cracks are also emerging in the corporate Bitcoin-treasury trade. BSTR cofounder Sean Bill said many corporate holders lack the capital structure to deploy Bitcoin productively and instead rely on the asset itself as a marketing engine. Roughly 198 public companies hold about 1.25 million BTC combined, but several smaller proxies have faltered. Nakamoto shares have fallen about 99% from a May 2025 peak near $34, hitting $0.16 before a reverse split after Nasdaq warned of a potential delisting. Standard Chartered's digital-assets team has warned that a steep drawdown could trigger forced liquidations across leveraged treasury balance sheets.
Bitcoin last traded near $73,898, little changed over 24 hours, while technical signals remain cautious. RSI is at 37.8, indicating oversold-leaning conditions without a clear capitulation signal. MACD remains bearish and the broader trend is still down. Support at $73,425 is in focus; a break could open a move toward $71,965 and then $70,280. Resistance stands at $74,571, followed by $76,648 and $78,601. A move back above $74,571 on rising volume would help neutralize the bearish MACD setup, while a daily close below $70,280 would undermine the dip-buying case.
