In brief
Bitcoin ETFs posted nine consecutive days of outflows totaling $2.8 billion through May 28.
Whale balances are contracting year-on-year and are currently at 2022's bear-phase pace, according to a CryptoQuant report.
A record 15.8 million BTC long-term holder supply signals an absence of new buyers, not accumulation, the report noted.
The crypto market outlook and investor sentiment continue to deteriorate as demand for spot Bitcoin ETFs wanes, reflected in an en masse exodus of institutional capital.Bitcoin ETFs have shed a total of $2.8 billion in nine consecutive days of outflows, starting May 15, according to SoSoValue data. The largest single-day outflow of $733.43 million came this Wednesday, driven mostly by a $527.84 million outflow from BlackRock’s IBIT.On a weekly timeframe, the capital exodus started with a $1 billion outflow in mid-May. That number ballooned to $1.26 billion the following week. This week’s total already sits at $1.30 billion, highlighting a shift in investor outlook since mid-May.Wednesday's net outflows were the worst seen this year and the fifth worst day of all-time, according to Galaxy Research analysts, who noted that, “Those outflows pushed ETF year-to-date flows negative for the year.”The surge in Bitcoin ETF outflows was characterized as “real directional recalibration” and not run-of-the-mill “profit-taking or maybe adjusting hedged exposure,” Decrypt previously reported.
