US spot Bitcoin ETFs just set a record no investor wanted: 10 consecutive trading sessions of net outflows. The total came to $2.97 billion. Analysts argue that exactly this kind of mass exit has historically preceded a market recovery.
What happened and how large are the outflows?
From May 15 to May 30, 2026, spot Bitcoin ETFs posted net outflows every single trading day. According to SoSoValue data, daily withdrawals ranged from $70 million to $733 million. The worst session was May 28, when funds collectively lost $733.43 million in one day. The 10-day total surpassed $2.97 billion.
The previous record was 8 sessions, set in February 2025 with $3.2 billion in outflows. The new streak broke that record for duration on Thursday and extended by one more day on Friday. By total volume, the February 2025 record still stands: $3.2 billion versus $2.97 billion now.
The impact on total assets is significant too. On May 15, combined assets in spot Bitcoin ETFs stood at $104.29 billion. By May 30, they had fallen to $94.17 billion. More than $10 billion left the funds in two weeks.
Who is pulling the most and what about BlackRock?
BlackRock iShares Bitcoin Trust (IBIT) carries the heaviest share. Over 9 sessions, the fund accumulated $2.04 billion in net outflows out of the total $2.84 billion. On May 27, IBIT recorded a $527.8 million single-day exit, the second-largest in its history. The all-time record is $528.3 million from January 30, 2025.
Despite the selling pressure, IBIT still holds around 792,000 BTC, roughly 62% of all US spot Bitcoin ETF assets combined. The fund remains the dominant player in the market even under these conditions.
What about Ethereum ETFs and are there exceptions?
Spot Ethereum ETFs are in an even longer losing run. They have posted outflows for 14 consecutive sessions since May 11. Daily withdrawals ranged from $5.65 million to $130.62 million. Total ETH ETF assets dropped from $13.85 billion to $11.27 billion, a $2.6 billion decline.
There are counterexamples, though. HYPE ETFs on the Hyperliquid token pulled in more than $100 million since launch. XRP ETFs gathered $120 million from May 4 to May 29. Institutional capital is not abandoning crypto entirely. It is moving across different products.
Why do analysts call this a contrarian signal?
Analytics firm Santiment Intelligence posted on X calling the current streak a "contrarian indicator." The idea: when large sums leave Bitcoin ETFs in a short period, it shows "peak fear, frustration, or risk aversion" among investors. Those peaks of fear have historically matched local price lows.
The firm cited November 2025 as a reference point. A single-day outflow of $904 million hit the market right around what turned out to be a local bottom, followed by a substantial Bitcoin price recovery. "Consider the massive level of money moving out as a sign that we are getting closer to the local bottom some patient investors have been waiting for," Santiment wrote.
- 10 consecutive outflow days: a new duration record, beating the prior 8-day run from February 2025.
- The November 2025 single-day outflow of $904 million came just before a significant Bitcoin price rebound.
- More than $500 million in limit buy orders for BTC are stacked near the $70,000 level.
- HYPE and XRP ETFs are attracting inflows while BTC and ETH funds face sustained selling pressure.
Where is Bitcoin now and what does this mean?
Bitcoin is trading near 6-week lows, in the $73,000-$74,000 range. Analysts point to $70,000-$72,000 as a potential support zone with more than $500 million in buy orders already placed there. If the price reaches that level, buyers could step in and halt the decline.
There is broader context here. US equity markets are holding up well: stocks are not falling alongside Bitcoin. That kind of divergence is unusual compared to past corrections and suggests the ETF outflows are primarily a rebalancing move, not a broad risk-off shift across asset classes.
Those considering buying Bitcoin for hryvnia should note that current prices sit roughly 10-12% below May's peak. If Santiment's contrarian thesis holds, these levels might attract patient buyers. Any decision comes down to individual risk tolerance.
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