1 month ago
US-listed spot Bitcoin exchange-traded funds (ETFs) extended their sell-off Wednesday to a grounds 13 consecutive trading days arsenic Bitcoin request continued to weaken.
Spot Bitcoin ETFs posted $396.6 cardinal successful nett outflows connected Wednesday, bringing cumulative withdrawals to astir $4.4 cardinal since the streak began, according to information from SoSoValue.
The existent tally exceeds the erstwhile grounds of 8 consecutive trading days of outflows successful February 2025, which saw astir $3.2 cardinal exit the funds.
Bitcoin terms concisely dipped beneath $63,000 connected Thursday. Source: CoinGecko
Since the outflow streak began connected May 15, Bitcoin has fallen astir 21% from to $63,400 from astir $80,000 arsenic of publication, according to CoinGecko. Analysts person pointed to weakening ETF demand, semipermanent holder selling and miner unit arsenic imaginable drivers of the decline.
BlackRock IBIT leads outflows with $3.3 billion
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the bulk of redemptions during the 13-day streak, signaling astir $3.3 cardinal successful outflows, according to Farside Investors data. The magnitude represents astir 75% of full withdrawals.
Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) was the second-largest contributor with astir $456.6 cardinal successful outflows, followed by Grayscale’s Grayscale Bitcoin Trust ETF (GBTC) astatine astir $303.6 million.
Bitcoin ETF flows, AUM and Bitcoin holdings arsenic of June 2, 2026. Source: WalletPilot
Over the past 30 days, US spot Bitcoin ETFs person shed 51,726 BTC successful outflows, oregon astir $5 billion, according to WalletPilot data. As of Tuesday, IBIT held astir 786,800 BTC, followed by FBTC with 181,770 BTC and GBTC with 146,400 BTC.
Analysts divided implicit Bitcoin request slump
Bitcoin’s caller outflows and terms diminution travel amid a crisp contraction successful request comparable to the post-Terra/Luna illness play successful 2022, according to CryptoQuant caput of probe Julio Moreno.
He said wide request has dropped by astir 501,000 BTC implicit the past month, marking the fastest monthly driblet since May 2022.
Source: Julio Moreno
Industry observers are divided connected what is driving the selling pressure. Bloomberg ETF expert Eric Balchunas said semipermanent organization buyers, including Bitcoin ETFs and Michael Saylor’s Strategy, person remained nett accumulators.
“Forget the boomers, idiosyncratic needs to 'call the OGs' — they are down this,” Balchunas said.
Some marketplace commentary has pointed to derivatives positioning and speech enactment arsenic imaginable drivers of the terms decline, arguing that constricted on-chain selling suggests leverage and liquidations whitethorn beryllium amplifying volatility.
CryptoQuant laminitis Ki Young Ju said caller selling by aboriginal Bitcoin holders and miners reflects a broader transportation of proviso to US institutions, including ETFs and accepted investors. He said the displacement successful ownership could fortify semipermanent demand, adjacent arsenic the marketplace moves distant from aboriginal “cypherpunk” holders.
Related: Strategy’s Bitcoin merchantability causes clash for $80M successful Polymarket bets
Despite the outflows, Standard Chartered caput of integer assets probe Geoffrey Kendrick said successful a Thursday connection sent to Cointelegraph that Bitcoin ETF holdings person remained broadly unchangeable since February, suggesting much structural resilience than antecedently expected contempt marketplace volatility.
Kendrick besides pointed to caller firm selling arsenic reinforcing a bearish communicative successful the abbreviated term, noting that Strategy's 32 BTC sale “fit the DAT naysayer thesis,” and said the timing was unfortunate fixed Bitcoin was already nether pressure.
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