"BlackRock couldn't hold on either"...Bitcoin ETF, 'cash flow collapse' fear

▲ Bitcoin (BTC)

Funds of the second largest scale ever have flowed out of BlackRock's Bitcoin (BTC) spot ETF, causing the year-to-date trend of the U.S. Bitcoin spot ETF market to turn negative again.

According to cryptocurrency media outlet Cointelegraph on May 28 (local time), BlackRock's iShares Bitcoin Trust (IBIT) recorded a net outflow of $527.8 million in a single day on Wednesday. Based on data from Farside Investors, the total net outflow from all U.S. Bitcoin spot ETFs reached $733.4 million on that day.

This net outflow from IBIT is the second largest daily loss since its launch. The largest net outflow ever recorded was $528.3 million on January 30, 2026, and the current amount is close to that record. U.S.-listed Bitcoin spot ETFs have seen net outflows for 8 consecutive trading days, with cumulative withdrawals during this period totaling approximately $2.6 billion.

According to SoSoValue data, U.S. Bitcoin spot ETFs have shifted to a net outflow of approximately $596 million year-to-date. Funds that flowed out in May alone amounted to approximately $2.1 billion, marking the largest monthly net outflow this year. However, the total daily net outflow did not reach the all-time high of approximately $866.7 million recorded on November 13, 2025.

The market also raised the possibility of weakening institutional demand. Cryptocurrency market analysis platform 10x Research stated that if Strategy finds itself in a situation where it needs to cover dividend obligations, it could come under pressure within several months, mentioning the possibility that major corporate buying, which has consistently supported Bitcoin demand, could weaken.

Michael Saylor, co-founder of Strategy, discussed the possibility of selling Bitcoin in mid-May, stating that adhering too strictly to the "never sell" approach could put a strain on the assets the company seeks to accumulate and hold. With the combination of ETF fund outflows and concerns about slowing corporate buying, the U.S. Bitcoin spot ETF market has reversed a significant portion of its early-year inflows.

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