CoinDesk
U.S. spot bitcoin ETFs have logged their longest and deepest withdrawal streak on record — 11 consecutive sessions of net outflows totaling roughly $3.45 billion, with BTC sliding toward $70,000 in the process. The latest session alone saw $484 million exit the funds, pushing BTC down 4% during Asian trading hours, per SoSoValue data.
Why it matters
The 11-session run, which began May 15, eclipses the previous eight-day record set in February 2025 and lands at a structurally awkward moment: risk appetite on Wall Street is alive and well, it's just flowing elsewhere. Nvidia surged 6% as AI and semiconductor stocks absorbed the capital rotating out of crypto. CryptoQuant's most recent weekly report warned that bitcoin is increasingly becoming a market of holders rather than buyers, with ETF and corporate treasury accumulation slowing markedly in recent months. Strategy's disclosure that it sold 32 BTC — its first sale since December 2022 — adds a symbolic weight that far exceeds the $2.5 million transaction value. Michael Saylor's buy-and-hold mandate had been a psychological anchor for institutional confidence; any deviation from it gets read as a signal.
Market impact
With the primary demand pillars — spot ETF inflows, corporate treasury buying, and retail momentum — all softening simultaneously, the path of least resistance for BTC tilts lower until a new catalyst emerges. The key level to watch is $70,000: a clean break below on sustained volume would confirm the institutional bid has genuinely stepped back, not merely paused.
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