US Bitcoin exchange-traded funds reported a massive net outflow on May 29, bringing an unexpected stop to a two-week winning streak. Eleven spot Bitcoin ETFs collectively reported $347 million in outflows, bringing this hot streak of 10 consecutive trading days of net inflows to a break.
The decline was the worst single-session outflow since March 11, when the industry collectively lost $396 million in a single trading day. Bitcoin’s value fell more than 3.5% on the day, falling back from an intraday high of $108,850 and temporarily falling below $105,000.
These moves in the marketplace probably discouraged investors and led many to withdraw their funds from Bitcoin-targeted ETFs. One of the worst-hit was the Fidelity Wise Origin Bitcoin Fund, which decreased in value by $166 million on May 29 alone.
The Grayscale Bitcoin Trust came in with $107.5 million in net outflows, and the larger funds posted similar losses. These were Bitwise, Ark 21Shares, Invesco, VanEck, and Franklin Templeton, with the latter registering capital outflows from their funds. Smaller funds, such as WisdomTree, CoinShares, and Grayscale’s mini trust, posted nothing on the day.
Bitcoin ETF records largest May outflow
While most funds in the industry saw losses, BlackRock’s iShares Bitcoin Trust bucked the trend with a reported $125 million net inflow. The investment product has now seen 34 days of continuous inflows of money, starting from April 9, as reported.
BlackRock’s exchange-traded fund has attracted nearly $4 billion in the past fortnight, taking the total figure for inflows up to $49 billion. Its assets under management have now crossed $70 billion.
Concurrently, spot Ether ETFs also had a bullish trend by reporting $92 million in flows on May 29, marking their 10 consecutive days of inflows. Most of those funds were invested in BlackRock’s iShares Ethereum Trust, adding more than $50 million on the day in question. Total inflows for the product stand at $4.5 billion since it launched in July 2024.
Such inflow patterns follow the latest SEC guidelines, affirming staking in Ether-based exchange-traded funds as not violating the security laws, further inviting investment.
