Bitcoin crashes below $60K after 13 days of ETF outflows
For 13 uninterrupted trading days, not a single dollar of net new money moved into spot bitcoin (BTC) exchange-traded funds (ETFs).
Indeed, they bled money each and every session from May 15 through June 3, marking the longest uninterrupted run of outflows since their launch in January 2024.
Total cumulative outflows were 59,351 BTC, exceeding $4.3 billion worth of selling.
The streak finally broke yesterday with a meager $3.2 million inflow.
Unfortunately, the damage was already done. BTC crashed to under $60,000 just a day later.
At time of writing, BTC is down 17% over the past week and is trading at its lowest level since October 2024.
A week of unwanted records for BTC ETFs
The multi-billion dollar, nearly three-week outflow streak blew past every prior record in the short history of the ETFs.
Most of the outflows withdrew from BlackRock’s iShares Bitcoin Trust (IBIT), the biggest of the funds. Its worst day brought about $528 million in withdrawals, IBIT’s second-largest single-day outflow ever, just shy of its January 2025 record.
Of course, none of those sell and redemption orders came from BlackRock itself.
ETF outflows originate with customer orders across hundreds of independent brokerages. The sponsors such as Blackrock, Fidelity, Morgan Stanley, or Franklin Templeton merely operate the fund, they don’t manage its assets with any discretion.
Read more: Bitcoin dropped to $0.019 on Revolut today
The uninterrupted 13 days were the tail end of a decline that had been accumulating for weeks. All of it led up to today’s crash to under $60,000 per BTC.
The month of May closed as spot BTC ETFs’ worst month all year. Net outflows last month hit $2.4 billion, the largest monthly exit since November 2025. Only six of May’s 20 trading days attracted any net inflow.
Bloomberg ETF analyst Eric Balchunas admitted, “this is the bad times.”
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