Spot Bitcoin ETFs See 10-Day $3B Outflows; CFTC Approves Kalshi

Spot Bitcoin exchange-traded funds recorded ten consecutive trading days of net redemptions totaling roughly $2.97 billion from May 15 through Friday, according to data compiled by SoSoValue. Daily outflows ranged from about $70 million to $733 million, with the largest single-day withdrawal of $733.43 million occurring on Wednesday. Net assets across U.S. spot Bitcoin ETFs fell from $104.29 billion on May 15 to $94.17 billion by Friday.

Farside Investors reported $223 million in net outflows on Thursday, which represented a nine-session streak at the time and later extended to ten sessions. The 10-day run exceeded the prior record of eight consecutive outflow sessions that removed about $3.2 billion from the funds.

The U.S. Commodity Futures Trading Commission issued an approval order for a Bitcoin perpetual futures contract submitted by prediction-markets platform Kalshi. The CFTC’s order stated the contract complies with the Commodity Exchange Act and applicable regulations. Perpetual futures do not have a set expiration date and are designed to track an asset’s spot price.

Perpetual futures are commonly traded in overseas crypto markets and have faced regulatory limits in the United States. The CFTC’s order noted that cryptocurrency markets may be suited to continuous, around-the-clock trading, clearing and settlement. Kalshi will offer the new perpetual product following the agency’s determination.

U.S. spot Bitcoin ETFs launched in 2024 and have become a primary channel for institutional exposure to Bitcoin. Perpetual futures allow traders continuous exposure without rolling contracts; the CFTC approval permits a regulated U.S. platform to list such a derivative. Some alternative exchange-traded crypto products continued to attract investor interest during the period of ETF outflows.