US spot Bitcoin ETFs posted $396.6 million in net outflows on Wednesday, stretching an already painful losing streak to 13 consecutive trading days. The cumulative damage since the streak began on May 14: roughly $4.4 billion in withdrawals, according to data from SoSoValue.
That makes this the longest uninterrupted run of redemptions since spot Bitcoin ETFs debuted in January 2024.
Bitcoin itself has fallen approximately 21% since its May 15 peak, with the selling pressure from ETF channels compounding what was already a rough stretch for the largest cryptocurrency.
Where the money is leaving
BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF by assets, accounted for a significant portion of the daily redemptions. Fidelity and Grayscale products mirrored the trend, with consistent outflows across the major issuers rather than concentrated selling from a single fund.
