U.S. Bitcoin Spot ETFs See $995.5M Outflow in May

U.S. Bitcoin spot exchange-traded funds (ETFs) experienced a net outflow of $995.5 million during the week of May 11–15, 2024, according to Farside Investors. This marks the largest weekly outflow since January 26–30, 2024, when $1.48 billion flowed out of the market.

Fund-Specific Outflows

BlackRock's IBIT (iShares Bitcoin Trust) recorded the largest outflow at $317.1 million, followed by ARK Invest and 21Shares' ARKB with $324.2 million. Fidelity's FBTC saw $258.9 million in outflows, while Bitwise's BITB experienced $46.8 million and Grayscale's GBTC recorded $92.8 million. Franklin Templeton's EZBC also saw $21 million flow out.

Offsetting Inflows

Some funds attracted capital during the same period. Valkyrie's BTF recorded $39.1 million in inflows, VanEck's HODL saw $12.1 million, Invesco's BTCO received $1.6 million, and Grayscale's lower-fee BTC product attracted $12.6 million.

Market Context

The outflows coincided with rising U.S. Treasury yields and expanded Middle East geopolitical risk. Following statements by U.S. President Donald Trump regarding Iran, concerns about oil prices and inflation resurfaced, contributing to increased volatility across cryptocurrency markets.