Bitcoin exchange-traded funds have shed $2.8 billion over the past nine days, with BlackRock’s IBIT accounting for more than two-thirds of that exodus. The outflow streak — the longest since the products launched — has pushed the price of Bitcoin down to $72,745 and raised questions about whether institutional appetite for the asset has peaked for now.
IBIT Lost $2 Billion
BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, saw $2 billion leave the fund during the nine-day stretch. That’s roughly 71% of the total outflows across all Bitcoin ETFs in that period. No single event triggered the redemptions; rather, the data shows a steady, daily drip of withdrawals that accelerated toward the end of the week.
Nine-Day Streak
The outflow streak runs from May 22 through May 30 — nine consecutive trading days of net redemptions. For context, the prior record was five days, set back in March. The consistency suggests a coordinated pullback by institutional allocators, not retail panic-selling. Most of the outflows came from larger block trades, typical of asset managers rebalancing or taking profits.
Weakening Institutional Demand
The numbers point to a clear trend: institutional demand for Bitcoin ETFs is cooling. After the furious inflows that followed the SEC’s approval in January 2024, the pace has slowed. Now it’s reversed. The question is whether this is a temporary pause — maybe quarter-end rebalancing — or the start of a longer downturn. The ETFs themselves haven’t changed; it’s the buyers who are stepping back.
Price Drops Below $73K
Bitcoin’s price fell to $72,745 as the outflows mounted, down from roughly $78,000 at the start of the nine-day period. That’s a 6.7% drop, almost exactly in line with the percentage of ETF assets that were redeemed. The correlation is hard to ignore: as the ETFs sold, the spot market absorbed the supply, but not without a price concession. Whether buyers will step in at this level — or wait for lower prices — is the open question as the month ends.
