Bitcoin ETFs see $2.8B outflows in nine days

Bitcoin exchange-traded funds registered $2.8 billion in outflows across nine consecutive trading days ending May 28. The largest single-day net withdrawal was $733.43 million, driven mainly by a $527.84 million redemption from BlackRock’s IBIT.

Data from SoSoValue show the outflow streak began on May 15. Weekly totals increased over the period: roughly $1.0 billion left ETFs in mid-May, about $1.26 billion exited the following week, and the most recent week reached approximately $1.30 billion.

Galaxy Research reported that Wednesday’s net outflows were the largest of the year and the fifth worst day on record for Bitcoin ETFs. The firm noted the nine-day run pushed year-to-date ETF flows into negative territory.

On-chain analytics firm CryptoQuant reported several supply trends tied to declining demand. Addresses holding between 1,000 and 10,000 BTC have contracted year-over-year at the fastest pace recorded so far in 2026. Balances held by addresses with 100 to 1,000 BTC have fallen below their 365-day moving average. Long-term holder supply reached a record 15.8 million BTC; CryptoQuant described that rise as reflecting a lack of new buyers rather than fresh accumulation. Short-term holder supply fell from about 6.4 million BTC in December to roughly 4.2 million BTC, with roughly 900,000 BTC of that decline attributed to Coinbase reserves aging into long-term holdings.

Market price data show parallel weakness. CoinGecko reports Bitcoin trading below $74,000, down about 5.4% over the past week and month. Bitcoin revisited a six-week low after an attempt to trade near $82,000 did not hold.

Observers pointed to geopolitical and market factors that correspond with the outflows. Coinshares linked the shift in capital to conflict involving the United States and Iran. U.S. equities have also moved higher, with the S&P 500 reaching a record 7,568 on Friday. Semiconductor maker Micron Technology saw its market capitalization rise from roughly $850 billion on May 21 to about $1 trillion five days later.

Prediction market activity reflected falling bullish conviction for Bitcoin and mixed views on oil. Users on the Myriad platform assigned a 63% probability that Bitcoin’s next significant move would push it to $84,000, down from 92% on May 6. The same platform showed a 59% probability that West Texas Intermediate crude could move toward $120.

The largest ETF products accounted for the bulk of redemptions. BlackRock’s IBIT was the primary source of the largest single-day outflow, and other major funds experienced redemptions during the streak. Some analysts described the pattern as a directional reallocation of capital rather than routine profit-taking or hedging adjustments.

Spot Bitcoin ETFs launched earlier this year attracted substantial institutional capital. Fund flows that were positive earlier in the year have turned negative after the recent sequence of withdrawals. Market participants are monitoring fund flows, on-chain supply measures and price action for signs of stabilization or further redemptions.