US spot-Bitcoin exchange-traded funds (ETFs) experienced net outflows totaling about $2.8 billion from May 15 through May 28, marking nine consecutive trading sessions of withdrawals [1, 2]. This nine-day streak is the longest since these Bitcoin ETFs launched in January 2024, when they were widely hailed as a successful debut on Wall Street [1, 2].
Bitcoin traded around $73,650 as of early morning London time on May 29, down more than 40% from its record high reached in October 2025 [2]. The prolonged outflow period has coincided with Bitcoin’s price decline, as investors appear increasingly cautious.
Bitcoin ETFs provide retail and institutional investors with regulated exposure to Bitcoin, and their flow data is often considered a gauge of demand for the cryptocurrency [1, 2]. However, while Bitcoin ETFs suffered sustained withdrawals, the broader US equity markets performed strongly during the same period. The Nasdaq, S&P 500, South Korea’s Kospi, and Japan’s Topix all hit new highs [2].
Tony Sycamore, an analyst at IG Australia, said that Bitcoin is "becoming increasingly isolated from the broader risk spectrum," despite favorable events such as a potential 60-day truce extension in the Middle East. He noted that "even yesterday’s posts on social media, where President Trump declared ‘We will never let crypto down,’ failed to provide any meaningful support" to Bitcoin [2].
The nine-day outflow streak underscores the divergence between Bitcoin and traditional risk assets amid strong global equity sentiment. The outflows also reflect wary investor sentiment following a significant cryptocurrency market crash in October 2025 [2].
Further developments in Bitcoin ETF flows will be closely watched as investors assess whether the cryptocurrency can regain momentum or if outflows will continue.
