Bitcoin spot ETFs turn to net outflows! $1.55 billion bled out over 6 consecutive days, with 2024 full-year inflows remaining at $536 million.

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The US spot Bitcoin ETF market has seen its year-to-date net inflows shrink to just $536 million after six consecutive trading days of net outflows totaling $1.55 billion, putting it on the brink of turning net negative for the year. BlackRock’s IBIT and Fidelity’s FBTC were the primary sources of outflows last Friday. Furthermore, institutional market maker Jane Street significantly slashed its Bitcoin ETF holdings by approximately 70% in the first quarter, signaling a rapid cooling of risk appetite for crypto assets among traditional financial institutions. (Context: BlackRock launches its first Bitcoin fund "IB1T" in Europe; can it replicate the miracle of US BTC ETFs?) (Background: JPMorgan: Bitcoin's "risk-adjusted" appeal beats gold, with long-term explosive potential beyond imagination) The US spot Bitcoin ETF market is facing its most severe capital outflow pressure of 2026. Following six consecutive trading days of $1.55 billion in outflows, annual net inflows have dwindled to just $536 million. If the downward trend continues, the total net inflow for 2026 could flip from positive to negative, marking a critical turning point since the inception of crypto asset ETFs. Last Friday (May 22), capital outflows again breached the $100 million mark, reaching $105.2 million. BlackRock’s iShares Bitcoin Trust (IBIT) saw $68.9 million in outflows, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $36.3 million. Other US spot Bitcoin ETFs did not experience significant capital movements that day. Since the last net inflow on May 14, US spot Bitcoin ETFs have been in a state of net outflow for six consecutive trading days. During this period, cumulative outflows reached $1.55 billion, compressing the 2026 year-to-date net inflow from over $2 billion at the start of the year to just $536 million. Based on the current daily average outflow rate of approximately $100 million to $250 million, if no significant net inflows emerge in the coming days, the spot Bitcoin ETF market could officially turn to a net annual outflow within this week. This would represent a major reversal in market sentiment following the staggering $25 billion in net inflows seen in 2025. Relevant flow statistics indicate that US spot Bitcoin ETFs have consistently served as a key barometer for institutional demand for cryptocurrencies. Sustained capital outflows not only symbolize rising short-term risk-aversion but may also reflect asset allocation adjustments by traditional financial institutions amid macroeconomic uncertainty. Behind this wave of outflows, the movements of institutional investors are particularly noteworthy. First-quarter 13F filings show that prominent market maker Jane Street slashed its Bitcoin ETF holdings by approximately 70%, while investment bank Goldman Sachs also reduced its Bitcoin ETF position by about 10%. The divestment actions of these two Wall Street heavyweights echo the overall ETF capital flow trends. As one of the world’s largest options market makers, Jane Street’s significant reduction is interpreted by the market as a cautious stance on Bitcoin’s short-term price trajectory. Although Goldman Sachs’ reduction was smaller, its adjustment in asset allocation as a top-tier global investment bank also carries significant indicative value. However, the majority of spot Bitcoin ETF net inflows remain concentrated in a single fund: IBIT. BlackRock’s IBIT has accumulated approximately $2.7 billion in net inflows year-to-date, though its growth rate is far below the staggering $25 billion level seen throughout 2025, and most peer products have already seen net capital outflows in 2026. Amid the overall pessimistic capital flows, there are still bright spots worth noting. Morgan Stanley’s Bitcoin Trust ETF (MSBT) has attracted $264 million in net inflows since its listing on April 8. This achievement not only allowed MSBT to surpass Bitcoin products launched in January 2024, such as those from Invesco and WisdomTree, in just two months, but also demonstrates that the brand effect of large banks remains competitive in the ETF market. The success of MSBT is partly attributed to its extremely low expense ratio: a market-leading 0.14%, which has become a key differentiating advantage in the highly competitive spot Bitcoin ETF market. Analysts point out that MSBT’s low-fee strategy may have intensified competitive pressure on peers and even affected the issuance plans of other products. Meanwhile, the US Bitcoin ETF market had also anticipated the launch of related products supported by Trump’s Truth Social, but that plan fell through recently. Asset management firm Yorkville America requested the withdrawal of multiple crypto ETF applications targeting the Trump Media & Technology Group last Tuesday. Bloomberg ETF analyst James Seyffart speculated that Yorkville America’s decision to retreat might

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