After a steady run of inflows, U.S. spot Bitcoin ETFs experienced their first collective outflow in over two weeks on May 29 — with BlackRock’s fund standing alone as the only one to attract net new investments.
According to data from CoinGlass, the 11 spot Bitcoin ETFs posted a combined net outflow of $347 million, breaking a 10-session streak of net inflows that had persisted since May 13. This marks the largest single-day withdrawal since March 11, when $396 million was pulled from the market.
The outflows coincided with a sharp drop in Bitcoin’s price, which fell over 3.5% during the day. The cryptocurrency dropped from a high of around $108,850 to briefly dip below $105,000.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the outflows, losing $166 million, while Grayscale’s Bitcoin Trust (GBTC) followed closely with $107.5 million in redemptions. Other funds from Ark 21Shares, Bitwise, Franklin Templeton, Invesco, and VanEck also saw capital exit. Meanwhile, CoinShares, WisdomTree, and Grayscale’s mini trust recorded no movement.
BlackRock Defies Market Pullback
In contrast to the broader trend, BlackRock’s iShares Bitcoin Trust (IBIT) reported $125 million in net inflows, extending its uninterrupted streak to 34 trading days — its last outflow occurred on April 9.
IBIT has brought in nearly $4 billion in fresh capital over the past two weeks, pushing its total inflows to approximately $49 billion and bringing its assets under management above $70 billion.
Notably, in the last five weeks, spot Bitcoin ETFs have added more than $9 billion, while gold ETFs have lost close to $3 billion during the same period, according to Nate Geraci, president of ETF Store.
Ether ETFs Show Strength
While most Bitcoin ETFs saw redemptions, spot Ethereum ETFs showed resilience with a net inflow of $92 million on May 29, per Farside Investors. This continues a 10-day inflow streak for Ether ETFs, with the last outflow recorded on May 15.
BlackRock’s iShares Ethereum Trust (ETHA) led the pack, attracting over $50 million in inflows and pushing its total to $4.5 billion since its launch in July 2024.
Geraci also highlighted the recent SEC stance clarifying that staking isn’t considered a securities activity, calling it a “milestone” for the development of staking within spot Ether ETFs.
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