Spot Bitcoin ETFs have recorded nine consecutive days of net outflows, the longest withdrawal streak since launch in January 2024, pulling roughly $2.8 billion from the complex.
Three Consecutive Weeks Of Outflows, $2.3B Gone In May Alone
This week alone has seen $1.3 billion exit the funds, extending a three-week outflow streak. Monthly withdrawals now stand at roughly $2.3 billion as Bitcoin fell from $80,000 to $73,000 over the same period.
This is the most sustained period of institutional selling since Bitcoin ETFs launched.
The selling goes beyond Bitcoin’s price drop. Since the start of the year, Bitcoin has lagged AI stocks and semiconductor names, which keep pulling capital as infrastructure spending grows.
BlackRock’s iShares Bitcoin Trust recorded its largest single-day outflow since launch earlier this week, driven by a large dark pool transaction. Some institutions appear to be moving money toward sectors that have posted stronger returns recently.
History Says Sustained Outflows Often Mark Local Bottoms
Interestingly, Glassnode data shows the 14-day moving average of ETF flows tends to bottom near significant price turning points.
The same pattern showed up during the February correction when Bitcoin fell toward $60,000, and again in November when outflows picked up around Bitcoin’s pullback near $85,000. Both became local lows before recoveries followed.
However, whether the current streak marks a similar turning point depends on how Middle East tensions and institutional reallocation trends play out over the coming sessions.
Death Cross Still Intact As MACD Signals Cooling Momentum
The 50-day SMA at $77,211 sits below the 200-day SMA at $79,816, keeping the November 2025 death cross in place.
Meanwhile, the 20-day EMA at $76,637 and 50-day EMA at $76,387 sit close together, pointing to choppy sideways action rather than a clean recovery.
MACD sits below its signal line with a negative histogram, showing buyers are losing control of momentum.
Beyond that, the 200-day EMA at $81,202 is the key level to watch on any bounce.
The 12-month performance sits down 30.34%, meaning rallies still need follow-through before they can be treated as anything more than short-term moves.
Repost from Parshwa Turakhiya
