Spot Bitcoin ETFs recorded their ninth straight day of outflows on May 28, with $229 million leaving the products, bringing the total pulled over the streak to roughly $2.84 billion. Ethereum ETFs fared no better — they logged a 13-day outflow streak that removed $694.6 million since May 11. The selling comes as long-end Treasury yields climb and the macro backdrop turns less hospitable for risk assets.
Bitcoin ETF streak by the numbers
The heaviest single-day hit came on May 27, when $733.4 million exited Bitcoin ETFs. That day alone accounted for more than a quarter of the entire nine-day drawdown. Cumulative net inflows for Bitcoin ETFs still sit at $55.79 billion, but total net assets have dropped from $107.75 billion on May 14 to $94.25 billion as of May 28. The last day of inflows before the streak was May 14, when $131.3 million came in.
Ethereum ETFs feel more pain
Ethereum's outflow streak started a few days earlier, on May 11, and has been sharp in proportion to the smaller asset base. On May 28, outflows amounted to 1.07% of total net assets, versus 0.24% for Bitcoin ETFs. The two largest daily outflows in the streak were $130.6 million on May 12 and $121.4 million on May 28. Cumulative net inflows for Ethereum ETFs are $11.39 billion, with total net assets at $11.30 billion as of May 28.
Strategy pauses purchases
Strategy — the corporate Bitcoin buyer formerly known as MicroStrategy — paused fresh Bitcoin purchases after its preferred stock traded below par. The company hasn't said when it might resume buying. The pause removes one of the largest institutional demand sources from the market at a time when ETF flows are already negative.
Macro headwinds
The outflows track a broader shift in financial conditions. Long-end Treasury yields rose this month, making yield-bearing assets more attractive relative to crypto. The macro environment for risk assets has soured enough that even the largest ETF products are seeing sustained redemptions. Whether the streak breaks soon likely depends on whether yields stabilize and risk appetite returns — but for now, the money keeps moving out.
