Exchange-traded funds (ETFs) that track the spot price of Bitcoin (BTC) are seeing record outflows of capital as the cryptocurrency market continues to slump.
About a dozen U.S.-listed Bitcoin ETFs have now recorded nine consecutive trading days of net outflows, the longest withdrawal streak since the products debuted in January 2024.
Over the past nine trading sessions, investors pulled a combined total of $2.8 billion U.S. from Bitcoin ETFs, surpassing any previous period of selling.
This week alone, Bitcoin ETFs lost $1.3 billion U.S., extending a streak of capital outflows to three consecutive weeks.
The outflows have coincided with a sharp drop in the price of Bitcoin and other cryptocurrencies such as Ethereum (ETH).
Over the past two weeks, Bitcoin’s price has slid to $73,000 U.S. from $82,000 U.S. as geopolitical uncertainty weighs on digital assets.
So far this year, Bitcoin has lagged the market's best-performing assets, notably AI-related stocks that continue to attract investor capital.
Analysts note that institutional selling of crypto has become a particular problem for the sector as hedge funds and other large institutions offload their Bitcoin holdings.
Sustained ETF outflows have previously coincided with periods of significant stress for cryptocurrencies, note analysts.
In early trading on May 29, Bitcoin was trading at $73,400 U.S.
