Bitcoin extends slide as spot ETFs log record 10-day outflows

U.S. spot Bitcoin exchange-traded funds experienced a sustained run of redemptions in mid-to-late May that extended Bitcoin’s recent weakness. The group of spot ETFs posted roughly $2.97 billion of net outflows between May 15 and May 29, marking a consecutive trading-day streak that pressured prices even as other risk assets rallied.

Flow-level detail shows daily withdrawals ranged from about $70 million to a peak single-day exit of $733.43 million on May 27, and aggregate ETF assets fell from about $104.29 billion on May 15 to $94.17 billion by May 29. Ether-focused ETFs also recorded sustained redemptions in overlapping sessions, signaling broader rotation out of crypto products. These figures are compiled from SoSoValue and market flow trackers cited in reporting.

The outflow trend has unfolded against a backdrop of divergent markets: equities—particularly AI and semiconductor-related names—hit fresh highs, while Brent crude rallied above $93 a barrel amid stalled U.S.–Iran ceasefire talks and heightened regional tensions. That divergence left crypto assets underperforming, with Bitcoin down about 4.6% over the prior week as dealer and ETF channels turned net sellers.

From a macro perspective, rising oil and geopolitical risk can shift investor preference toward commodities and safe-haven assets, complicating the narrative that ETFs would mechanically underwrite continuous crypto demand. The reversal of ETF flows after a strong 2024–2025 accumulation phase raises questions about the durability of institutional demand in the near term and the role of large block transactions in driving intramonth volatility.

Looking ahead, market participants will watch daily ETF flow data, on‑chain signals and macro catalysts—chiefly central bank guidance and Middle East developments—to gauge whether the withdrawal streak is a temporary rebalancing or a structural shift. Some strategists treat extreme outflows as contrarian buying opportunities, but re-accumulation will likely depend on renewed risk-on conditions or a pause in energy-driven macro uncertainty. Large fund-level sales, if repeated, could keep downward pressure on prices in the coming weeks.