Bitcoin ETFs See $101M Outflows, Extend Losing Streak to 5 Days

Key insights:

• Bitcoin ETFs posted $100.82 million in net outflows on May 21, a fifth straight losing day.
• BlackRock’s IBIT led withdrawals at $103.65 million while Ark & 21Shares drew a small inflow.
• The SOL ETF group added $3.86 million as Ethereum funds extended their outflow run.

Spot Bitcoin ETFs posted $100.82 million in net outflows on May 21, extending their losing streak to five consecutive trading sessions.

The latest withdrawal reduced cumulative net inflows since launch to $57.19 billion. Total assets held across the funds declined to $101.06 billion.

Trading activity increased during the session, with total volume rising to $1.58 billion from $1.36 billion a day earlier.

Bitcoin ETFs Extend Losing Run to Five Sessions

The May 21 outflow added to a streak that began on May 15. The funds saw $290.42 million leave on May 15, followed by a heavy $648.64 million withdrawal on May 18, the largest single-day outflow of the run.

May 19 brought another $331.05 million in outflows, followed by $70.47 million on May 20 and $100.82 million on May 21.

The five-day stretch has pulled close to $1.44 billion out of Bitcoin ETFs in total. Cumulative net inflow fell from $58.34 billion at the close of May 15 to $57.19 billion by May 21, erasing the buying built up across the first half of the month.

Total net assets across the Bitcoin ETFs declined to $101.06 billion at the close of May 21, down from $104.29 billion on May 15.

BlackRock’s IBIT Leads the Daily Withdrawal

BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) accounted for the entire net outflow on May 21, with $103.65 million leaving the fund, equal to 1.34 thousand BTC.

The fund’s cumulative net inflow stands at $64.84 billion, keeping it well ahead of the rest of the field.

Ark & 21Shares (CBOE: ARKB) was the only product to draw fresh capital on the day, taking in $2.83 million, equal to 36.49 BTC.

The inflow offset a small portion of the IBIT withdrawal and brought the fund’s cumulative net inflow to $1.28 billion. The remaining funds recorded no movement on May 21.

Bitcoin ETFs Cap Week Down $1.15 Billion

On a weekly basis, Bitcoin ETFs closed the week ending May 21 with $1.15 billion in net outflows, the second straight negative week for the products.

The figure follows $1.00 billion in outflows the previous week, taking the two-week total above $2.15 billion.

Weekly trading volume reached $7.50 billion across the Bitcoin ETFs, down from $10.82 billion the previous week.

The May 21 weekly close of $57.19 billion in cumulative inflow brings the running figure back to levels last seen in mid-April.

This erased close to five weeks of accumulated buying activity. May has now turned firmly negative on a monthly basis after the strong April performance.

SOL ETF Group Draws Inflows as Ethereum Funds Slide

The SOL ETF group ran against the broader pullback on May 21, recording $3.86 million in net inflows.

Cumulative net inflow for the Solana products rose to $1.13 billion, with total net assets at $997.41 million. Trading volume across the SOL ETF group reached $51.04 million on the session, the highest daily figure of the week.

The Solana products have stayed positive through most of the recent stretch. May 19 saw $3.78 million in inflows, and May 18 added $2.06 million, with May 20 the only flat day of the run at zero net flows.

Ether-based products moved in the opposite direction. Ethereum funds posted $32.58 million in net outflows on May 21, the ninth straight day of withdrawals for the category.

The streak began on May 11 and has run through nine consecutive sessions, with May 18 the largest single day at $86.31 million in outflows.

The combined cumulative net inflow across Bitcoin, Ethereum, and Solana exchange-traded funds in the United States now stands at $69.4 billion.

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