American investors are dumping their Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) as the coin continues to underperform the stock market amid the artificial intelligence boom.
IBIT Leads Spot Bitcoin ETF Outflows Data shows that Bitcoin ETFs suffered a harsh reversal in May this year.
After adding $3.2 billion in March and April, all spot Bitcoin ETFs shed over $2.43 billion in May.
That was a big reversal as the funds added $1.6 billion in the first six days of the month.
Bitcoin funds lost over $1.42 billion this week after losing $1.26 billion and $1 billion in the previous two weeks.
