TheBlock
Spot bitcoin ETFs in the U.S. shed $1.72 billion in net outflows last week, the largest weekly pullback since February 2025, according to data from SoSoValue. Every session bled except Thursday, which printed a marginal $3 million in net inflows. BlackRock's IBIT — the segment's anchor by net assets — accounted for $1.34 billion of the week's redemptions, its worst weekly outflow since launch in January 2024. The move extends a negative-flow regime that already drained $2.43 billion across the month of May.
Why it matters
The exit wasn't a crypto-native story — it was a macro repricing. Andri Fauzan Adziima, research lead at Bitrue Research Institute, told The Block that May's strong non-farm payrolls report reset the rates tape: a resilient labor market crushed near-term Fed-cut odds, lifted Treasury yields, and made yielding bonds more attractive than non-yielding bitcoin. Geopolitical uncertainty compounded the move, triggering a broad risk-off rotation that hit AI, tech equities, and gold alongside crypto. The cross-asset bleed — South Korea's Kospi fell 8.29% on Monday, Japan's Nikkei 225 dropped 3.85%, Taiwan's TAIEX fell 3.48% — confirms the bid wasn't ETF-specific.
Market impact
BTC itself recovered over the weekend, briefly touching $64,000 before settling near $63,000, with analysts framing the bounce as a textbook oversold relief rally after last week's 15% drawdown. Adziima expects flows to stay pressured through early June before stabilizing or turning modestly positive mid-to-late month on fear exhaustion, June seasonality, and any macro relief that re-opens the rate-cut window. The near-term setup hinges on whether yields back off enough to make non-yielding assets competitive again — until then, the structural ETF bid that defined 2024 stays in retreat.
Frequently asked questions
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How much did spot bitcoin ETFs lose last week?
U.S. spot bitcoin ETFs recorded $1.72 billion in net outflows last week, the largest weekly pullback since February 2025, according to SoSoValue data.
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How much of the outflow came from BlackRock's IBIT?
BlackRock's IBIT accounted for $1.34 billion of the week's redemptions, marking its largest weekly net outflow since the fund launched in January 2024.
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What macro factor drove the ETF outflows?
A strong May non-farm payrolls report reset the rates tape — it crushed near-term Fed rate-cut odds, lifted Treasury yields, and made yielding bonds more attractive than non-yielding bitcoin, per Bitrue Research's Andri Fauzan Adziima.
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Was the sell-off limited to crypto?
No. The move was cross-asset risk-off — South Korea's Kospi fell 8.29% on Monday, Japan's Nikkei 225 dropped 3.85%, and Taiwan's TAIEX fell 3.48%, with AI, tech, and gold also declining.
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What is the outlook for bitcoin ETF flows in June?
Adziima expects flows to stay pressured through early June before stabilizing or turning modestly positive mid-to-late month on fear exhaustion, June seasonality, and any macro relief that re-opens the rate-cut window.
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