Spot Bitcoin ETFs have bled nearly $3 billion over 10 consecutive sessions, the longest outflow streak on record, as persistent inflation and rising oil prices drive institutional investors to the exits.
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Bitcoin slides to $73,000 as ETF outflows near $3 billion
Spot Bitcoin ETFs have bled nearly $3 billion over 10 consecutive sessions, the longest outflow streak on record, as persistent inflation and rising oil prices drive institutional investors to the exits.
Bitcoin fell 4.6% to $73,397 over the past week as U.S. spot ETFs recorded $2.97 billion in net outflows across 10 straight sessions, the longest withdrawal streak since the products launched in January 2024.
"The macro environment has shifted decisively against risk assets," said Joel Kruger, market strategist at LMAX Group. "Persistent inflation data and rising oil prices above $93 a barrel are forcing institutional investors to reduce crypto exposure."
BlackRock's IBIT, the largest spot Bitcoin ETF by assets, accounted for $966 million of last week's redemptions, including a single-day withdrawal of $448 million on May 27 — the largest since January. ETF issuers liquidated roughly 19,021 BTC over seven days, equivalent to 42 days of mining production, according to SoSoValue data. Total net assets across U.S. spot Bitcoin ETFs fell from $104.29 billion on May 15 to $94.17 billion by May 29. Ether ETFs are running an even longer 14-session outflow streak, with roughly $2.6 billion drained over the same window.
The $72,650 level, flagged by the MVRV Pricing Bands, represents the nearest support. A break below that threshold could open a path to the $54,300-$51,000 demand zone, according to analyst Ali Charts. Bitcoin was trading at $73,397 as of 11:00 UTC on June 1, with the Crypto Fear & Greed Index holding in "fear" territory throughout the week.
Macro headwinds intensify selling pressure
May inflation data diminished expectations for Federal Reserve rate cuts, pushing Treasury yields higher and strengthening the dollar. Brent crude climbed above $93 a barrel as stalled U.S.-Iran ceasefire talks threatened supply through the Strait of Hormuz, adding to the risk-off tone. The MSCI All Country World Index gained 0.2% on Monday, driven by AI-related tech stocks, but crypto failed to track the equity rally.
The cumulative three-week outflow total across spot Bitcoin ETFs has now surpassed $3.5 billion. One encouraging signal: the market absorbed 19,021 BTC of ETF selling pressure without triggering a steeper price collapse, indicating residual demand exists at current levels. Analyst AlphaBTC outlined a short-term projection for a potential rebound toward $79,000 before an eventual decline to the lower $60,000 range during late summer.
This article is for informational purposes only and does not constitute investment advice.
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