Bitcoin declined amid a record series of outflows from spot ETFs in the US: over nine trading sessions, investors withdrew approximately $2.8 billion. This marks the longest series of net outflows since the funds were launched in January 2024. (CoinDesk)
The largest pressure was on BlackRock’s IBIT. On May 27 alone, the fund lost $527.8 million, followed by $177.9 million on May 28, and $68.2 million on May 29. The total net outflow for the market on May 29 was $125.3 million. CoinDesk notes that against this backdrop, Bitcoin appeared weaker than stocks of companies in the AI and semiconductor sectors.