BlackRock Sells Over One Billion, Bitcoin Spot ETF Sets Record for Largest Weekly Outflow This Year

Chain tracking agency Arkham data shows that BlackRock's spot Bitcoin ETF (IBIT) sold Bitcoin every trading day from May 18th to 22nd, with a total value of $1.01 billion. This operation was a routine passive settlement triggered by investors' concentrated redemption of shares, not an active bearish view from BlackRock. The related assets have been evenly distributed and handed over to Coinbase Prime for settlement. In the same week, BlackRock applied to the U.S. Securities and Exchange Commission for a second tokenized fund, indicating that its digital asset business is still expanding, not retreating.

Affected by tensions in the Middle East and the high U.S. Treasury yield, the U.S. spot Bitcoin ETF witnessed the largest single-week capital outflow since 2026. The net outflow for related funds across the United States was approximately $1.26 billion that week, reversing the inflow momentum brought by the price breakthrough of $80,000 in April. The institutional side is also cooling down, as Jane Street reduced its holdings of Bitcoin ETF by about 70% in the first quarter, and Goldman Sachs also reduced its positions, with funds that chased high positions in the early stage accelerating cashing out and exiting.

Despite facing redemption at the billion-dollar level, the Bitcoin price, after falling below $75,000 and touching a low of $74,300, has rebounded to around $77,000. Currently, spot ETFs still hold about 7% of the global Bitcoin, and institutions such as Bank of America are still increasing their holdings, maintaining overall liquidity in the transaction. However, due to the shrinking demand from long-term buyers, the current support mainly relies on speculative traders in the futures market, and the belief in the market's bottom has been shaken. It is necessary to closely monitor the support level of $75,000 and the ETF funds flow in the follow-up.