The streak of inflows spot Bitcoin ETFs saw in May was broken on May 6 with an $85.7 million outflow.
Before this reversal, ETFs saw $422.5 million in inflows on May 1, $674.9 million on May 2, and another $425.5 million on May 5. These inflows were mostly driven by BlackRock’s IBIT, which continued to dominate other ETF products.
The inflows in early May continued the bullish momentum established in the second half of April, crowned by BlackRock’s IBIT surpassing 3% of Bitcoin’s supply after a record $970.9 million inflow on Apr. 28.
However, although the $85.7 million outflow was significantly smaller than the flows we saw last week, it still marks a departure from the bullish inflows.
Grayscale’s GBTC saw the largest outflow, losing $89.9 million on May 6. It was followed by ARKB, which had a $16.1 million outflow, and Franklin and WisdomTree, which had similar $8.3 million and $8.1 million outflows, respectively. Other ETFs saw no flows.
Despite yesterday’s outflow, this month’s overall trend remains positive, with ETFs attracting $1.43 billion.
If ETFs continue to see inflows throughout the week, the May 6 outflow might prove to be a one-off correction.
However, the magnitude of the outflow (the largest since Apr. 16) has the potential to sway market sentiment, especially if we fail to see upward price action.
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