Bitcoin ETFs Bleed $4.4B as Outflow Streak Hits Record 13 Days

US-listed spot Bitcoin exchange-traded funds (ETFs) extended their sell-off Wednesday to a record 13 consecutive trading days as Bitcoin demand continued to weaken. Spot Bitcoin ETFs posted $396.6 million in net outflows on Wednesday, bringing cumulative withdrawals to roughly $4.4 billion since the streak began, according to data from SoSoValue. The current run exceeds the previous record of eight consecutive trading days of outflows in February 2025, which saw roughly $3.2 billion exit the funds. Bitcoin price briefly dipped below $63,000 on Thursday. Since the outflow streak began on May 15, Bitcoin has fallen about 21% to $63,400 from about $80,000 as of publication, according to CoinGecko. Analysts have pointed to weakening ETF demand, long-term holder selling, and miner pressure as possible drivers of the decline. Apparently, nobody told the chart.

BlackRock IBIT leads outflows with $3.3 billion BlackRock's iShares Bitcoin Trust (IBIT) accounted for the bulk of redemptions during the 13-day streak, recording about $3.3 billion in outflows, according to Farside Investors data. The amount represents roughly 75% of total withdrawals. Fidelity's Wise Origin Bitcoin Fund (FBTC) was the second-largest contributor with about $456.6 million in outflows, followed by Grayscale's Bitcoin Trust ETF (GBTC) at roughly $303.6 million.

Over the past 30 days, US spot Bitcoin ETFs have shed 51,726 BTC in outflows, or nearly $5 billion, according to WalletPilot data. As of Tuesday, IBIT held about 786,800 BTC, followed by FBTC with 181,770 BTC and GBTC with 146,400 BTC. Even the bags are getting lighter.

Analysts split over Bitcoin demand slump Bitcoin's recent outflows and price decline come amid a sharp contraction in demand comparable to the post-Terra/Luna collapse period in 2022, according to CryptoQuant head of research Julio Moreno. He said overall demand has dropped by about 501,000 BTC over the past month, marking the fastest monthly drop since May 2022. If you were hoping for a soft landing, this isn't it.

Industry observers are divided on what is driving the selling pressure. Bloomberg ETF analyst Eric Balchunas said long-term institutional buyers, including Bitcoin ETFs and Michael Saylor's Strategy, have remained net accumulators. "Forget the boomers, someone needs to 'call the OGs' — they are behind this," Balchunas said. Some market commentary has pointed to derivatives positioning and exchange activity as potential drivers of the price decline, arguing that limited on-chain selling suggests leverage and liquidations may be amplifying volatility. CryptoQuant founder Ki Young Ju said recent selling by early Bitcoin holders and miners reflects a broader transfer of supply