Investors continued to withdraw funds from spot Bitcoin exchange-traded funds (ETFs) in the United States for a ninth consecutive session, marking the longest outflow streak since their launch, reflecting waning demand for the world's largest cryptocurrency even as high-risk assets continue to rally globally.
Data compiled by Bloomberg showed that US-listed funds recorded net outflows of approximately $2.8 billion between 15 and 28 May. The 9-session streak represents the longest redemption wave since the funds launched in January 2024, when they were considered one of the most successful fund launches on Wall Street.
Bitcoin fell during yesterday's trading to around $73,650, more than 40% below its record high set in October. The outflows stand in contrast to strong performance by global equities, with the Nasdaq and S&P indices hitting record highs the day before yesterday, while South Korea's Kospi and Japan's Topix indices also touched new peaks yesterday.