Thirteen U.S. Bitcoin spot ETFs closed last week with net withdrawals of $1.26 billion amid significant price losses across the broader cryptocurrency market. Notably, this marks the largest outflow from the Bitcoin ETF market since the last week of January, when investor activity resulted in a net loss of $1.49 billion, according to data from SoSoValue.
Bitcoin spot ETF records red day for 6 consecutive years
Details on last week’s performance show that the Bitcoin spot ETF market recorded net outflows of $648.64 million on Monday, marking the largest single-day net withdrawal since January 29. Meanwhile, the following days recorded smaller but significantly negative performance: $331.05 million on Tuesday, $70.47 million on Wednesday, $100.82 million on Thursday, and $105.19 million on Friday.
Taken together, this represents six consecutive trading days of net outflow for the Bitcoin spot ETF, with 80% of the past 10 days in the red. Looking at individual fund performance, BlackRock IBIT investors’ cumulative inflows reached $64.77 billion, with withdrawals exceeding deposits by $1.01 billion. The dominant market leader currently maintains a total net worth of $61.09 billion, six times that of its closest competitor.
Meanwhile, Fidelity’s FBTC and Ark/21 Shares’ ARKB also experienced significant net outflows, at $111.5 million and $106.81 million, respectively. ETFs including Bitwise’s BITB, VanEck’s HODL, Valkyrie’s BRRR, Invesco’s BTCO, and Franklin Templeton’s EZBC all recorded capital outflows between $3 million and $10 million. In particular, Morgan Stanley’s MSBT, a newcomer to the market, recorded the only positive performance, with net inflows of $1.11. Other funds such as Grayscale GBTC & BTC, Hashdex’s DEFI, and Bitwise’s BTCW all recorded zero net activity.
Following this performance record, the Bitcoin spot ETF has now recorded net outflows totaling $1 billion in May. Meanwhile, total cumulative net inflows are $57.08 billion and total net asset value is $98.87 billion.
Ethereum ETF negative streak extended to 10 consecutive days
While the Bitcoin spot ETF is suffering from rapid withdrawals, its Ethereum counterpart is no better after recording cumulative net outflows of $215.19 million last week. Notably, the Ethereum spot ETF has now recorded net withdrawals worth $471.1 million for 10 consecutive trading days, according to data from SoSoValue. The total cumulative inflows of this ETF market are valued at $11.62 billion, with total net assets of $11.84 billion, or 4.73% of the Ethereum market capitalization.
At press time, Bitcoin continues to trade at $76,735, reflecting a daily gain of 1.75%. Meanwhile, Ethereum rose 2.78% during the same period and was valued at $2,119.
Featured image by khabarpu, chart by Tradingview
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