U.S. spot Bitcoin ETFs have now posted outflows for ten straight trading days, pushing year-to-date flows into negative territory for the first time since the products launched. Cumulative losses over the stretch are approaching $3 billion, according to data compiled by GFdaily.
The numbers so far
The streak began May 19. Each session since has seen net redemptions, with daily outflows regularly topping $200 million. On three of those days, the figure exceeded $300 million. The cumulative outflow has erased all the net inflows built up during the first quarter, flipping the year-to-date figure red.
This is the longest sustained selling since the ETFs debuted in early 2024. It's also the largest dollar-value drawdown in that span.
Why now
The selling comes as crypto markets face multiple simultaneous headwinds. Global macro conditions have tightened — the Federal Reserve has kept rates higher for longer, and a strengthening dollar has pulled capital out of risk assets. Regulatory uncertainty remains elevated, with several high-profile enforcement actions still unresolved.
Bitcoin's price has fallen roughly 15% from its April peak, and the ETF flows are both a symptom and a driver of that decline. When large holders redeem shares, the authorized participants sell the underlying Bitcoin, putting direct pressure on the spot market.
What a reversal would look like
If the selling stops, the math could turn quickly. ETF flows are momentum-driven — a single day of net inflows often triggers a week of follow-on buying. The key level to watch is whether any day this week sees inflows above $100 million, which would break the psychological pattern.
On the flip side, if outflows continue through Friday, the streak will hit 13 days. That would mark the worst run since the funds launched and likely push year-to-date flows deeper into negative territory.
Traders will be watching Wednesday's data closely. That's typically a high-volume day for ETF trading, and any shift in sentiment would show up there first.
