Bitcoin ETFs lost $2.8 billion in a record streak over nine days

Cryptocurrency market outlook and investor sentiment continue to deteriorate as demand for Bitcoin ETFs declines, reflected in a mass exodus of institutional capital.

Bitcoin ETFs lost a total of $2.8 billion in nine consecutive days of outflows, starting May 15, according to SoSoValue data. The largest single-day outflow of $733.43 million came on Wednesday, mostly driven by a $527.84 million outflow from BlackRock’s IBIT.

On a weekly time frame, the capital exodus began flowing in at $1 billion in mid-May. This number swelled to $1.26 billion the following week. This week’s total already stands at $1.30 billion, highlighting the shift in investor expectations since mid-May.

Wednesday’s net outflows were the worst on record this year and the fifth-worst day on record. according to Galaxy Research analysts noted that “those outflows pushed year-to-date ETF flows into the negative for the year.”

The rise in Bitcoin ETF outflows has been described as a “genuine directional recalibration” and not “profit taking or perhaps hedging exposure adjustment.” Decryption previously I mentioned.

The usual suspects include the artificial intelligence boom and the US-Iran war. Coinshares attributed ETF flows to the war in the Middle East recently a report. The S&P 500 breadth shows that only a few stocks, especially MAG7 and AI-related companies, are carrying the weight, pushing the S&P 500 to a new all-time high. It also indicates that mental capital has shifted to the stock market, which has performed better than the cryptocurrency markets.

Shares of Micron, a leading US semiconductor manufacturer of computer memory and data storage products, recently rose 207% after US President Trump’s endorsement on May 22, underscoring the impact of the AI-related boom.

As a result, the market capitalization of stocks rose from approximately $850 billion on May 21 to $1 trillion just five days later, registering a 15% increase.

Similar bullish forecasts prevail in the US stock market, including the S&P 500 hitting a new all-time high of 7,568 on Friday. On the other hand, cryptocurrency markets remain isolated as Bitcoin continues to decline after a failed breakout attempt around the $82,000 level.

Bitcoin has fallen about 5.4% over the past week and month, and is trading below $74,000, returning to a six-week low, according to CoinGecko data.

Users in the prediction market Countlessowned by Decrypt’s parent company Dastan, has appointed 59% chance The next move for WTI could push it higher towards the $120 level, highlighting the uncertain market conditions.

However, for Bitcoin, users continue to lean lower, identifying a 63% chance Her next move will push her to $84,000. This number has decreased from 92% on May 6, highlighting the decline in bullish conviction.

On-chain data supports this bearish view. Whale balances (100-1,000 BTC) are shrinking year-on-year at the fastest pace in 2026, reversing a bear phase in 2022, while dolphin balances (100-1,000 BTC) have slowed below their 365-day moving average — a threshold historically associated with sustained price corrections, it said Thursday. a report From the on-chain analytics platform CryptoQuant.

Long-term Bitcoin holder supply has reached a record high of 15.8 million BTC, but the report notes that this is bearish and reflects an absence of new buyers, not accumulation. Short-term Bitcoin holder supply has also decreased from 6.4 million BTC in December to approximately 4.2 million BTC today, with about 900,000 BTC of this decline attributed to Coinbase reserves being converted into long-term holdings.