US spot Bitcoin ETFs recorded $635M in outflows, marking the largest single-day withdrawal since January.
Bitcoin News
US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded $635.2 million in net outflows on May 13, the largest single-day withdrawal since Jan. 29, when the funds shed roughly $818 million.
The figure follows $233.3 million in outflows from the prior session. Weekly net losses reached $841.2 million, according to SoSoValue data.
The weekly total puts the funds on track to end a six-week inflow streak. That streak had accumulated around $3.4 billion in net gains. A reversal would mark the first week of net losses over that period.
BlackRock's IBIT Leads Redemptions
BlackRock's iShares Bitcoin Trust led redemptions with approximately $285 million in outflows on May 13, according to Farside Investors data. The ARK 21Shares Bitcoin ETF followed with $177 million in outflows. Fidelity's Wise Origin Bitcoin Fund posted $133.2 million in redemptions, and Bitwise's BITB accounted for $35.4 million.
Morgan Stanley's Bitcoin Trust ETF recorded no outflows on May 13 and posted roughly $6 million in inflows on May 12. The fund has seen no redemptions since its April 8 launch and has accumulated around $256 million in cumulative net inflows to date.
CEX.IO Lead Analyst Illia Otychenko linked a large portion of the outflows to US inflation data released earlier in the week. April's Consumer Price Index (CPI) came in at 3.8%, the highest reading since September 2023. A Producer Price Index (PPI) print of 6% followed the next day, the highest since February 2023. Otychenko told Decrypt that the two readings strengthened concerns that the Federal Reserve may consider rate hikes this year, triggering broad risk aversion that drove elevated ETF outflows.
Otychenko also flagged rising bearish derivatives positioning as a warning sign. He cited increased deleveraging of long positions and a climbing put/call options ratio as evidence that bearish sentiment has been building. He added that any prolonged disruption around the Strait of Hormuz could push energy costs higher and add further inflationary pressure on crypto markets.
Peter Chung, head of research at Singapore-based algorithmic trading firm Presto Labs, characterized the activity as healthy consolidation rather than a structural shift in institutional demand. CryptoQuant noted that BTC had been testing the 200-day moving average near $82,400 after a 37% rally from April lows, a level that has historically acted as resistance during bear-market rebounds. The firm identified potential on-chain support near $70,000 if a deeper correction develops.
Spot Ethereum (ETH) ETFs recorded $36.3 million in outflows on May 13, bringing weekly losses to roughly $184 million. Solana (SOL)-linked funds led gains with around $6 million in inflows on the day. Hyperliquid (HYPE)-linked funds posted $1.36 million o
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