Bitcoin ETF Outflows Hit $2.8B Over Nine Days
Benzinga reported Thursday that spot Bitcoin ETF outflows have now stretched across nine consecutive trading sessions, draining roughly $2.8 billion from the fund complex. That marks the longest unbroken withdrawal run since the products debuted in January 2024.
A Three-Week Bleed Accelerates in May
Bitcoin ETF outflows for May alone have reached approximately $2.3 billion. The current week has contributed around $1.3 billion of that total. Bitcoin’s price slid from roughly $80,000 to the $73,000 range across the same window, compounding losses for holders. Analysts note the selling pressure extends well beyond a simple price correction. Since January, Bitcoin has underperformed AI-related equities and semiconductor stocks, which continue attracting fresh capital as technology infrastructure spending expands.
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Historical Context Around Outflow Cycles
On-chain analytics firm Glassnode tracks a 14-day moving average of ETF flows that has historically bottomed near major price turning points. A similar dynamic appeared during a February correction when Bitcoin approached $60,000, and again in November when outflows clustered near an $85,000 pullback. Both episodes preceded recoveries. Whether the current streak behaves the same way depends heavily on how geopolitical tensions and broader institutional reallocation trends develop over coming sessions.
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Technical Picture Remains Cautious
The charting setup offers little immediate comfort. Bitcoin’s 50-day simple moving average sits near $77,211, still below the 200-day simple moving average around $79,816. That configuration keeps a death cross formed in November 2025 firmly in place. The 20-day and 50-day exponential moving averages have converged near $76,500, suggesting choppy, sideways conditions rather than a directional recovery. The MACD indicator remains below its signal line with a negative histogram reading, signalling that buying momentum has not yet reasserted itself. The 200-day EMA near $81,200 represents the key overhead resistance level on any attempted bounce. Bitcoin’s 12-month performance sits roughly 30% in the red, meaning any rally still needs sustained follow-through before traders can treat it as more than a short-term relief move.
The scale of the current drawdown from institutional funds has no precedent in the short history of US-listed spot Bitcoin ETFs, and market participants are watching closely for any sign of flow stabilisation.
