Monday saw the highest daily inflows, with almost $650 million leaving the funds.
Bitcoin’s price calamity is not isolated, as, aside from all other macro and on-chain reasons, the exchange-traded funds tracking the asset’s performance experienced their worst weekly outflows since late January.
In fact, data from SoSoValue shows that May has turned red following two consecutive weeks of massive outflows.
Over $1.25B Pulled Out
The spot Bitcoin ETFs were on a highly impressive streak that began during the week that ended on April 2. The following six weeks were deep in the green. Moreover, 10 out of the 11 weeks at the time saw more net inflows than outflows.
However, this impressive trend broke during the week that ended on May 15, when investors pulled out $1 billion from the funds. The landscape worsened in the past five trading days, as the net outflows skyrocketed to $1.26 billion: the most since the end of January. Consequently, the cumulative net inflows dropped to just over $57 billion, out of the local peak at $59.34 billion marked just a couple of weeks ago.
Monday was the most painful day in terms of net outflows, with nearly $650 million in withdrawals. Tuesday followed suit with $331 million, another $70 million on Wednesday, $101 million on Thursday, and $105 million on Friday. Somewhat surprisingly, BlackRock’s IBIT bled out the most: $445 million on Monday, $325 million on Tuesday, $61.5 million on Wednesday, $104 million on Thursday, and $69 million on Friday.
As such, the total inflows for May have turned red, currently showing a $1 billion reduction.
Not Just the ETFs
Bitcoin’s price has also turned red for the month. After closing April with a notable 11.87% surge, May began on a positive note, and the cryptocurrency quickly spiked to a multi-month high of almost $83,000. Although it was rejected there, it managed to maintain the $80,000 level for several weeks before it broke down last weekend.
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It has been unable to reclaim that level since then. Moreover, it plunged on Friday and earlier today to a monthly low of $74,200. Aside from the ETFs bleeding out, other reasons for BTC’s calamity could include war-related uncertainty and the possibility of new attacks, as well as other investors disposing of their assets.
As such, current data from CoinGlass shows that bitcoin is now over 1% in the red for May as it struggles below $75,500.
