BlackRock’s Bitcoin ETF Bleeds $430M—31-Day Inflow Streak Snapped

Wall Street’s crypto darling stumbles as investors pull the plug.

After a month-long rally, BlackRock’s Bitcoin ETF sees its first outflow—$430 million walks out the door. Was it profit-taking or cold feet? Either way, the ’smart money’ just got a little less confident.

Funny how institutional interest dries up faster than a meme coin’s utility.

• BlackRock’s iShares Bitcoin Trust saw outflows of $430.8 million, ending a 31-day streak of inflows.
• Total net outflows across all 11 U.S. ETFs reached $616.1 million on May 30.
• Bitcoin dropped from $110000 to near $103000 but some analysts still expect upward momentum.

BlackRock’s iShares Bitcoin Trust, the world’s biggest Bitcoin spot ETF, broke its strong momentum on May 30 with a steep $430.8 million in outflows. This marked the end of a 31-day streak of consistent inflows and set a new high for daily losses since the fund began trading in January 2024. Prior to this, the fund’s worst outflow day was February 26, when it shed $418.1 million.

Nate Geraci, an ETF expert, commented on the streak in a May 31 post on X: “What a run over the past 30+ days, though.” He also remarked on the scale of BlackRock’s holdings, saying the firm now manages around $70 billion in bitcoin through this product. “Not sure I have words to describe how ridiculous this is,” Geraci said.

iShares Bitcoin ETF no outflows streak comes to an end…

$400+mil exits fund.

What a run over past 30+ days though.

IBIT now pushing $70bil in assets
*$70bil*

Not sure I have words to describe how ridiculous this is.

Other major players in the market also saw red. Fidelity’s FBTC saw about $3.7 million in outflows. Grayscale’s GBTC dropped $16.2 million. Bitwise’s BITB lost $35.3 million. ARK Invest’s ARKB fund had one of the larger withdrawals, with $120.1 million pulled.

Second Straight Day of Withdrawals

Altogether, the 11 spot Bitcoin ETFs posted combined net outflows of $616.1 million on May 30. This marked the second day in a row that investors pulled more money than they put in. On May 29, the group broke a 10-day streak of net inflows with $346.8 million in total outflows. However, BlackRock stood apart that day by still managing to attract new capital.

This shift in investor behavior lined up with a drop in Bitcoin’s price. After hitting a weekly peak of $110,000, the price fell below $105,000 on May 29 and is now hovering NEAR $103,000 today, May 31.

Despite the sell-off, some data points suggest the broader trend could still be positive. According to crypto Dan, a contributor to CryptoQuant’s Quicktake, Bitcoin remains on track for more gains. His analysis of the Net Realized Profit/Loss chart shows that profit-taking is still relatively low even as prices have climbed.

Bitcoin Bullish Momentum May Still Be Intact

The Net Realized Profit/Loss chart shows how much profit or loss sellers are locking in. A small spike in realized profits during a price rise often suggests that many investors are holding rather than selling. This is usually taken as a signal that the bullish trend can continue.

Current realized gains remain low compared to previous peaks, especially those seen in March and November 2024. That’s according to Crypto Dan, who highlighted the differences using a red box in the chart’s most recent data. “Compared to the NRPL spikes at past cycle peaks, this round of profit-taking is relatively limited,” he wrote.

Dan doesn’t see this recent wave of selling as a sign that Bitcoin’s price has topped out. Instead, he believes the market is still moving up and may break past $120,000 in the coming weeks. While the short-term dip may concern some, longer-term signals still point upward.

Read More | Bitcoin Triggers $827 Million in Liquidations After Sudden Price Drop