U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $268 million in net outflows on May 9, marking a sharp reversal from earlier in the week and contributing to price pressure that pushed Bitcoin below the $80,000 mark.
Data from SoSoValue shows the session was part of a late-week reversal, with funds seeing a combined $423.15 million in outflows on Thursday and Friday, erasing strong initial gains.
The negative trend contrasted with a strong start to the week, which saw inflows of $532.21 million on Monday and $467.35 million on Tuesday. The momentum slowed sharply to just $46.33 million in inflows on Wednesday before turning negative. The outflows coincided with accelerated liquidations in the Bitcoin derivatives market as the price broke below key support levels.
The volatility highlights a tug-of-war between speculative derivatives traders and institutional spot demand. While the April rally to over $80,000 was fueled by a record $1.97 billion in monthly ETF inflows, analysts at CryptoQuant noted that perpetual futures drove the gains while spot demand was negative. For a bullish trend to be confirmed, traders are now watching if Bitcoin can reclaim and consolidate above the $85,000 level, a former support zone, according to analysis from FxPro.
Despite the recent outflows, April was a banner month for Bitcoin ETFs, which pulled in a record $1.97 billion, according to SoSoValue data. The figure outpaced March's $1.37 billion and brought total cumulative inflows since the products launched in early 2024 to over $58 billion. BlackRock's iShares Bitcoin Trust (IBIT) was the primary beneficiary, attracting roughly $2 billion in net subscriptions, while Grayscale's Bitcoin Trust (GBTC) continued to see redemptions, shedding approximately $280 million.
In a related development, spot Ethereum ETFs also saw renewed interest, drawing $356 million in April. The figure marked their first positive month of inflows since October 2025 and followed a volatile period for the second-largest cryptocurrency's funds.
This article is for informational purposes only and does not constitute investment advice.
