U.S. spot bitcoin ETFs have shed $2.97 billion over ten consecutive trading days — the longest net-outflow streak on record for the products. The redemptions mark a sharp reversal from the inflows that dominated earlier this year, as investors rotate into assets riding stronger macro tailwinds.
A streak that broke records
The ten-day outflow run surpasses the previous record set in late 2025, when a similar stretch saw roughly $1.8 billion leave the funds. This time the pace has been faster: the average daily net redemption sits at nearly $300 million. All eleven spot bitcoin ETFs were affected, though the largest — BlackRock's IBIT and Fidelity's FBTC — accounted for roughly two-thirds of the total.
Where the money went instead
Global equities have been on a tear, with AI-related bets on Nvidia and SoftBank pushing major indexes to fresh all-time highs. At the same time, oil prices climbed after negotiations on the Iran nuclear deal stalled, tightening supply expectations. Both asset classes offered a clearer narrative for institutional capital — a contrast to bitcoin's drift in recent weeks.
What the numbers say about sentiment
The outflow streak suggests that the easy money that poured into crypto after the 2024 halving has started to look for higher conviction plays. Bitcoin's price hasn't collapsed — it's down about 6% over the same period — but the ETF data points to persistent selling pressure from momentum-driven allocators. Whether that pressure eases depends largely on whether the equity rally runs out of steam or oil prices retreat.
The streak could end as soon as this week if macro conditions shift, but for now the record stands as the clearest signal yet that crypto is no longer the default risk-on trade.
