U.S. spot Bitcoin ETFs have logged a record nine consecutive days of outflows, with investors yanking $2.8 billion over the stretch. It's the longest withdrawal streak since the products debuted in January 2024, and it underscores a growing preference for high-flying tech names over crypto exposure. Bitcoin has notably underperformed relative to AI and semiconductor stocks this year, a shift that appears to be driving the exodus.
Nine days, $2.8 billion
The streak began on May 18 and continued through May 28, according to data compiled by the exchange-traded fund issuers. Daily outflows averaged roughly $311 million, with the largest single-day pull hitting $450 million on May 22. The previous record was an eight-day outflow stretch in March 2025. The cumulative $2.8 billion represents about 4% of total assets under management across all spot Bitcoin ETFs, which still hold north of $65 billion.
Why investors are walking
The move away from Bitcoin ETFs comes as AI and semiconductor stocks have rallied hard. Nvidia, AMD, and a handful of chipmakers have posted double-digit gains this quarter, drawing capital from risk-on assets like crypto. Bitcoin itself has been range-bound between $55,000 and $62,000 for most of May, failing to break out even as the broader equity market hit new highs. For institutional investors who rotate between sectors, the opportunity cost of holding a stagnant Bitcoin allocation has become too big to ignore.
What this means for the market
The persistent outflows have weighed on Bitcoin's price, which slipped 3% over the nine-day period. But the bigger concern is whether this signals a longer-term shift in sentiment. The January 2024 launch of spot ETFs was supposed to unlock mainstream demand, and it did — for a while. Inflows peaked in February 2025 at over $1 billion a week. Now the trend has reversed. If the outflows continue for another week, they would erase all net inflows since April.
The data doesn't show whether the withdrawn capital is moving directly into AI stocks or sitting on the sidelines. But the timing — overlapping with a blistering rally in semiconductor names — suggests a rotation rather than a pure risk-off move.
ETF providers aren't commenting on the flows, and no new catalysts are on the immediate horizon. The streak will be closely watched on Monday when markets reopen. If outflows pause or reverse, it could signal that the rotation is running its course. If they accelerate, Bitcoin could test support near $54,000. For now, the ball is in the tech sector's court — and Bitcoin is playing catch-up.
