Bitcoin and Ether exchange-traded funds suffered a combined $350 million in outflows on May 28, 2024, extending a weeks-long withdrawal streak that underscores a persistently defensive market stance. Bitcoin ETFs have now recorded nine consecutive days of net redemptions, while the outflow run for Ether ETFs stretched to 13 straight sessions.
Bitcoin ETFs: nine days of withdrawals
Bitcoin ETFs have not seen a single day of net inflows since mid-May. The nine-day losing streak wiped out a significant chunk of the capital that flowed in during the spring rally. Each trading session has brought fresh selling, with no sign of a pause as of May 28. The consistency of the withdrawals points to a broad shift in investor appetite rather than a one-off event.
Ether ETFs stretch losing streak to 13
Ether ETFs have fared worse. Their outflow streak now stands at 13 consecutive sessions — the longest such run since the products launched. On May 28 alone, Ether funds bled alongside Bitcoin, contributing to the $350 million combined total. The prolonged selling suggests that even the narrative around Ethereum's network upgrades hasn't been enough to hold capital in place.
Altcoin inflows fail to shift the mood
Not every ETF bled. XRP, HYPE and Solana ETFs each saw modest inflows on May 28. But those gains were tiny compared to the outflows from the two largest crypto ETFs. The data shows a clear defensive posture: investors are trimming exposure to the biggest names while making only token bets on alternatives. The inflows weren't enough to reverse the overall risk-off sentiment that has gripped the market for nearly two weeks.
The outflow streaks on both Bitcoin and Ether ETFs remained unbroken as of May 28, with no catalyst in sight to turn the tide.
