Bitcoin ETFs Shed $2.8B in Record-Breaking Nine-Day Streak

The crypto market outlook and investor sentiment continue to deteriorate as demand for spot Bitcoin ETFs wanes, reflected in an en masse exodus of institutional capital.

Bitcoin ETFs have shed a total of $2.8 billion in nine consecutive days of outflows, starting May 15, according to SoSoValue data. The largest single-day outflow of $733.43 million came this Wednesday, driven mostly by a $527.84 million outflow from BlackRock’s IBIT.

On a weekly timeframe, the capital exodus started with a $1 billion outflow in mid-May. That number ballooned to $1.26 billion the following week. This week’s total already sits at $1.30 billion, highlighting a shift in investor outlook since mid-May.

Wednesday’s net outflows were the worst seen this year and the fifth worst day of all-time, according to Galaxy Research analysts, who noted that, “Those outflows pushed ETF year-to-date flows negative for the year.”

The surge in Bitcoin ETF outflows was characterized as “real directional recalibration” and not run-of-the-mill “profit-taking or maybe adjusting hedged exposure,” Decrypt previously reported.

The usual suspects include the AI boom and the U.S.-Iran war. Coinshares attributed ETF outflows to the war in the Middle East in its recent report. The S&P 500’s breadth shows that only a few stocks, especially the MAG7 and AI-related companies, are carrying the weight, pushing the S&P 500 index to a new all-time high. It also signals that mental capital has rotated to the stock market, which has performed better than crypto markets.

Micron, America’s leading semiconductor manufacturer of computer memory and data storage products, recently surged 207% after U.S. President Trump’s endorsement on May 22, underscoring the impact of the AI-related boom.

As a result, the stock’s market cap surged from roughly $850 billion on May 21 to $1 trillion just five days later, clocking in a 15% surge.

A similar bullish outlook pervades the U.S. stock market, including the S&P 500 index hitting a new all-time high of 7,568 on Friday. Crypto markets, on the other hand, remain isolated as Bitcoin continues to retreat after a failed breakout attempt around the $82,000 level.

Bitcoin is down roughly 5.4% over the past week and month, and is trading below $74,000, revisiting a six-week low, according to CoinGecko data.

Users on prediction market Myriad, owned by Decrypt’s parent company Dastan, have assigned a 59% chance that WTI crude’s next move could push it higher, toward the $120-mark, highlighting uncertain market conditions.

For Bitcoin, however, users continue to lean bearish, assigning a 63% chance that its next move would push it to $84,000. That number has declined from 92% on May 6, highlighting the drop in bullish conviction.

On-chain data supports this bearish outlook. Whale balances (1K-10K BTC) are contracting year-over-year at the fastest pace of 2026, mirroring the 2022 bear phase, while dolphin balances (100-1K BTC) have decelerated below their 365-day moving average—a threshold historically tied to sustained price corrections, according to a Thursday report from on-chain analytics platform CryptoQuant.

Long-term holder supply reached a record 15.8 million BTC, but the report notes this is bearish and that it reflects the absence of new buyers, not accumulation. Short-term holder supply has also dropped from 6.4 million BTC in December to roughly 4.2 million BTC today, with about 900,000 BTC of that decline attributed to Coinbase reserves aging into long-term holdings.