The US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a ninth consecutive session of net outflows on May 28, with $228.88 million leaving the 13-fund complex as BlackRock’s IBIT shed $177.94 million.
The streak has now pulled more than $2 billion from spot Bitcoin products since May 14, reversing weeks of accumulation as hawkish Federal Reserve signals and rising oil prices weigh on risk assets.
Institutional Selling Accelerates
BlackRock’s iShares Bitcoin Trust drove the bulk of Wednesday’s exits with $177.94 million in net redemptions, according to SoSoValue data. Grayscale’s GBTC followed with $26.19 million pulled, while Fidelity’s FBTC saw $19.16 million in outflows.
Despite the selling, the 13 US spot Bitcoin ETFs still hold a combined $94.25 billion in net assets, equal to roughly 6.39% of the total Bitcoin market capitalization. Cumulative net inflows since launch remain at $55.79 billion, suggesting the recent withdrawals have trimmed rather than erased earlier institutional accumulation patterns.
Bitcoin traded at $73,504 at the time of writing, down 5.39% over the past seven days and roughly 42% below its October 2025 record above $126,000, according to BeInCrypto price data.
Market participants point to a hawkish Fed pivot and ongoing US-Iran tensions as the primary drivers of institutional withdrawals. Goldman Sachs recently pushed its forecast for the next Fed rate cut to December 2026, while oil prices have lifted core inflation back above the Fed’s 2% target.
Whether the streak extends into a tenth session will depend on Thursday’s flow data, which arrives after US markets close.
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