A wave of outflows from spot Bitcoin exchange-traded funds (ETFs) in the United States has triggered significant selling pressure in crypto markets. On Wednesday, iShares Bitcoin Trust (IBIT), the spot Bitcoin ETF from BlackRock, faced net withdrawals of $527.8 million, making it the fund’s second-highest daily outflow since launch.
Sharp reversal after months of inflows
Data from Farside Investors showed that U.S.-based spot Bitcoin ETFs reported a total outflow of $733.4 million on the same day. These figures reflect a dramatic reversal in fund flows that had been positive since the beginning of the year but turned negative in May.
Historic multi-day exit streak
Spot Bitcoin ETFs in the U.S. have now recorded uninterrupted net outflows for eight consecutive days, totaling approximately $2.6 billion. For May alone, net withdrawals have approached $2.1 billion, making it the highest monthly outflow of the year so far. According to SoSoValue, year-to-date net capital change in U.S. spot Bitcoin ETFs stands at a deficit of $596 million.
The nearly $528.3 million one-day exit from BlackRock’s IBIT in January 2026 remains its single worst daily loss. However, the latest streak has come very close, with the fund just missing a new record by a narrow margin.
Across all funds, the most severe single-day withdrawal took place on November 13, 2025, when total exits reached $866.7 million, according to Farside’s data.
| Date | Total Daily Outflow ($) | Biggest Fund Loss ($) |
|---|---|---|
| 13 November 2025 | 866.7 million | Widespread |
| 30 January 2026 | 528.3 million | BlackRock IBIT |
| 22 May 2026 | 733.4 million | 527.8 million (IBIT) |
Market pressure and technical impact
This accelerated pace of withdrawals has coincided with Bitcoin’s price dipping below $75,000. Analysts highlight that, amid rising selling pressure, the $70,000 level could become a vital support for Bitcoin going forward.
A research team at CryptoQuant has warned that if outflows persist, Bitcoin may enter a riskier territory. With these developments, multiple institutions are closely tracking the effects of ETF outflows on BTC’s price movement.
Institutional demand at risk
Some analysts interpret these U.S. Bitcoin ETF outflows as signs of shifting institutional demand. They argue that support from major institutional buyers may now be weakening, raising concerns about the sustainability of recent trends.
One prominent player drawing attention is Strategy, the public company holding the largest institutional Bitcoin portfolio. 10x Research warned that Strategy could be forced to sell some of its Bitcoin holdings in the coming months to meet dividend obligations.
Michael Saylor, a co-founder of Strategy, pointed out that a “never sell” stance could prove harmful in the long run, hinting at a potential shift in the company’s strategy.
Glossary note: Strategy stands out as a leading fintech firm with the largest Bitcoin holdings among public companies, known for its Bitcoin-centric institutional investment strategies. The firm’s stock price and financial obligations are closely linked to its Bitcoin assets, making it an important indicator for the crypto market.
10x Research highlighted that if Strategy faces difficulty sourcing funds for dividend payments, the company could abandon its fixed acquisition approach, potentially triggering a significant shift in institutional Bitcoin demand.
