US spot Bitcoin ETFs recorded $648.6 million in outflows, marking their largest single-day redemption since January.
Bitcoin News
US spot BTC exchange-traded funds (ETFs) recorded $648.6 million in net outflows on May 18, the largest single-day redemption since Jan. 29, according to data from SoSoValue. The outflows extended a negative trend from the prior week, which saw $1 billion leave the funds and ended a six-week streak of positive flows.
Seven funds reported outflows on Monday. BlackRock's IBIT led with $448.3 million, followed by $109.6 million from Ark & 21Shares' ARKB and $63.4 million from Fidelity's FBTC. Funds from Bitwise, VanEck, Invesco, and Franklin Templeton also logged negative flows.
Bitcoin (BTC) dropped below $77,000 over the weekend, pressured by geopolitical tensions and rising oil prices that heightened concerns about persistent inflation. Dominick John, analyst at Zeus Research, described the outflows as a short-term institutional risk-off move driven by profit-taking and macroeconomic uncertainty.
John added that higher US Treasury yields tightened global liquidity and made risk-free returns more attractive, pushing short-term de-risking among institutional investors. He noted that BTC was holding a key support zone around $76,000 to $77,000 and that major stablecoins, including USDT and USDC, had expanded in market cap, signaling liquidity building on the sidelines ahead of potential dip-buying.
Andri Fauzan Adziima, research lead at Bitrue Research Institute, said the dip appeared to be "healthy digestion in a broader uptrend" and that near-term volatility remained elevated. Other analysts told The Block that the broader crypto market remained structurally constructive and was positioning for a potential bounce.
Analysts said traders should monitor statements from new Federal Reserve Chair Kevin Warsh for signals on inflation, interest rates, and monetary policy direction. Warsh was confirmed by the Senate last Wednesday, replacing Jerome Powell, whose term ended on Friday.
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