U.S. Spot Bitcoin ETF Suffers the Longest Capital Outflow in History

Against the backdrop of a recent worldwide risk asset celebration including the U.S. stock market, the U.S. spot Bitcoin Exchange Traded Fund (ETF) is experiencing its most brutal capital exodus since its listing.

Bloomberg data shows that investors have been withdrawing funds from these funds for nine consecutive trading days, setting a record for the longest continuous outflow since the product was launched in January of this year, highlighting a rapid cooling of market enthusiasm for this largest cryptocurrency.

Epic Withdrawal: $2.8 Billion in Nine Trading Days

According to data compiled by Bloomberg, from May 15th to May 28th, over a period of nine consecutive trading days, U.S.-listed spot Bitcoin ETFs cumulatively recorded an outflow of approximately $2.8 billion. This marks the longest continuous redemption cycle since the product was approved for listing in January 2024 as one of the most successful fund debuts in Wall Street history.

As a core tool to allow a broader range of institutional investors and retail investors to establish crypto positions through compliant channels, the fund flow of U.S. spot Bitcoin ETF has long been regarded by Wall Street as a key barometer for gauging the overall appetite and sentiment for crypto tokens.

Extreme Divergence: U.S. Stocks, Hong Kong Stocks, Asia-Pacific Hit New Highs; Bitcoin Stands Alone

This massive withdrawal comes as Bitcoin itself is showing serious signs of fatigue. Since the cryptocurrency market suffered a flash crash last October 10th (2025), the price of cryptocurrencies has been struggling to regain lost ground, persistently under high pressure.

The current trading price of Bitcoin is around $73,650. Although the number may seem high, it has actually retraced by over 40% from its all-time peak last October compared to the current bull market price.

What adds to the frustration of crypto bulls is that the exodus of funds from Bitcoin ETFs is in stark contrast to the bull market boom in global stock markets:

• Global stock indices collective celebration. On Thursday, the U.S. Nasdaq Composite Index and the S&P 500 Index both hit new all-time highs; today in the Asia-Pacific market, the South Korean Composite Stock Price Index (KOSPI) and the Japan Topix Index (Topix) are also heading to new peaks.

• Safe-haven and risk assets decouple. Australian IG market analyst Tony Sycamore pointed out: “Despite the broad market surge across other risk assets due to positive news from the Middle East that the 60-day ceasefire agreement may be extended, Bitcoin is becoming increasingly isolated within the spectrum of risk assets. Even yesterday’s strong statement on social media by President Trump about ‘we will never let cryptocurrencies down’, failed to provide any substantial underpinning to the market.”