On May 29, spot Bitcoin ETFs in the United States experienced net outflows totaling $125 million. This marked the tenth consecutive day of capital exiting these investment vehicles. In the same period, Ethereum ETFs saw $17.91 million withdrawn, marking fourteen straight trading days of net outflows and reflecting persistently low demand. The latest data suggests that institutional interest in digital assets has notably weakened in recent weeks.
Movements in institutional funds and price impact
Since the start of this year, inflows into funds had backed Bitcoin’s upward momentum, but by May, that trend reversed. Even though asset managers had previously hit record levels in total assets under management, the recent spate of withdrawals has significantly reduced these figures. In May alone, spot Bitcoin ETFs posted approximately $2.43 billion in monthly net outflows.
Analysts note that prices have come under pressure, with the contraction in fund sizes contributing to a more cautious market environment. Social media charts illustrate that declines in assets under management have coincided with increased price volatility. Ethereum-based ETFs have shown similar patterns; the continued outflows highlight ongoing reluctance among institutional players.
According to analyses, May saw a total of $125 million in net outflows from US spot Bitcoin ETFs, and capital continued to exit for a tenth straight session. Likewise, Ethereum ETFs experienced fourteen consecutive days of withdrawals. This trend signals that large investors are slowing their purchases and, in some cases, continue to sell.
This notable trend points to a shift in investor behavior compared to earlier this year. Initial months saw robust fund inflows that buoyed prices, but in recent weeks, investors have turned to more cautious strategies.
Individual investors take on a larger role
While institutional buyers have pulled back, market depth data indicates that individual traders have become more active. Recent analyses released by Material Indicators reveal that smaller investors continue to make regular purchases despite tough market conditions.
Liquidity maps from exchanges show strong sell orders clustered in the $75,000–$80,000 zone, while notable support has formed at $72,000–$73,000 levels.
Glossary: Material Indicators is a data analytics firm specializing in analyzing buy and sell orders across crypto markets, providing trend forecasts. The company monitors order books in real time to track institutional and retail investor activity simultaneously.
Order book and Cumulative Volume Delta (CVD) indicators show an uptick in buying activity among traders transacting amounts between $100 and $10,000. Experts state that retail investors are treating recent price drops as buying opportunities, maintaining their purchasing momentum at these ranges.
In contrast, larger investor groups—those dealing in transactions from $100,000 up to $10 million—appear to be scaling back their positions. Notably, these bigger players showed a clear slowdown in activity around May 28, taking fewer new positions and reducing holdings.
This divergence suggests a shift in market ownership. As major investors maintain a cautious stance, smaller and mid-sized investors have been absorbing the selling pressure. Unless broader interest creates a new surge in demand, price fluctuations are expected to remain within a relatively narrow band.
