Spot bitcoin ETFs are experiencing the largest outflow streak since launch. Over the past ten trading sessions, investors have withdrawn nearly $3 billion from the funds. At the same time, spot ETFs on Ethereum have been recording outflows for 14 consecutive days.
According to SoSoValue, since May 15, more than $2.97 billion has been withdrawn from spot bitcoin ETFs. During these ten trading sessions, the outflow volume changed significantly. On some days, investors took out tens of millions of dollars, while on Wednesday the withdrawal amount reached $733.43 million, marking the weakest day for the funds during the entire period.
The changes also affected the total assets in ETFs. On May 15, the funds managed $104.29 billion, but by Friday the figure had dropped to $94.17 billion. The difference over two weeks was about $10 billion.
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The current streak has already broken the previous record. Previously, the maximum was considered to be a period of eight consecutive trading sessions with outflows, which was recorded at the beginning of last year. At that time, investors withdrew about $3.2 billion from the funds. This streak has already become the longest in the history of US spot bitcoin ETFs. On Thursday, the previous record was broken, and by Friday the number of consecutive outflow days had grown to ten.
Since the launch of these funds, their performance has been closely monitored not only by crypto traders but also by traditional investors. That is why the current outflow has attracted so much attention: it shows that some large players are in no hurry to increase their presence in bitcoin for now.
Outflows From Bitcoin ETFs May Indicate a ‘Fear Peak’
According to analysts at Santiment, the prolonged withdrawal of funds from spot bitcoin ETFs may indicate that the market is approaching a reversal.
At Santiment they note an interesting pattern. Strong outflows from ETFs often occur after the market has already experienced the main wave of negativity. That is why the darkest moods do not always mean further decline.
“History shows that extreme outflows from ETFs often become a signal that goes against traders’ expectations,” Santiment said.
At Santiment they do not consider the current situation unique. Analysts recalled that the market has already faced similar periods, when large sums were withdrawn from ETFs in a short time. In some cases, bitcoin’s dynamics changed noticeably after that.
Outflows from bitcoin ETFs over the past three weeks. Source: Santiment Intelligence
As an example, Santiment cites November 2025. At that time, about $904 million was withdrawn from bitcoin ETFs in a single day. Santiment reminded that a similar situation was observed in November 2025. Then, in one day, investors withdrew about $904 million from bitcoin ETFs. After some time, the market returned to growth.
The company believes that the current outflow should not be viewed only negatively. According to Santiment, similar periods have happened before and did not always end with a new decline. That is why they call the current situation a reason to watch, not a clear signal for further decline.
“Such a large outflow of capital may be a sign that the market is gradually approaching a local bottom, which patient investors have been waiting for so long,” Santiment noted.
Outflows Continue From Ethereum ETFs
Spot ETFs on Ethereum also remain under pressure. Since May 11, the funds have been recording outflows for 14 consecutive trading sessions.
The situation in Ethereum—ETFs is no better. Since May 11, money has continued to leave the funds almost without interruption. On some days, the outflow was limited to several million dollars, and at the most stressful moments it exceeded $130 million.
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The largest withdrawal occurred on May 12. On that day, investors took more than $130 million from the funds in just one trading session.
During this streak, the value of assets under management in Ethereum—ETFs dropped significantly. In mid-May, the funds controlled about $13.85 billion, but by the end of the month this figure had decreased to $11.27 billion, a difference of about $2.6 billion.
Hyperliquid Goes Against the Market
While bitcoin ETFs and Ethereum—ETFs are facing constant capital outflows, products based on HYPE are showing the opposite trend.
Spot ETFs on Hyperliquid have not recorded a single day of outflows since their launch on May 12. Capital inflows continued every trading session.
By May 28, the total amount of incoming funds exceeded $100 million. During the same period, assets under management grew from $1.87 million at launch to $122.2 million in less than three weeks.
Such a contrast highlights the difference in investor sentiment. While part of the market is reducing positions in the largest cryptocurrencies, interest in new products based on HYPE continues to grow.
