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Investors Withdraw $1 Billion From Bitcoin ETFs
US spot exchange-traded funds (ETFs) tied to the price of Bitcoin lost $1 billion over the past week. This came after six consecutive weeks of capital inflows totaling $3.4 billion, according to analytics platform SoSoValue.
On the first trading day, May 11, analysts recorded a modest inflow of $27.29 million. However, the following two days saw significant outflows: investors withdrew $233.25 million on May 12, while outflows peaked at $635.23 million on May 13.
On May 14, the funds briefly returned to positive territory with inflows of $131.31 million, but they lost another $290.42 million the following day.
Before this reversal, SoSoValue had recorded six straight weeks of inflows into spot Bitcoin ETFs. The strongest week ended on April 17, when Bitcoin funds attracted $996.38 million.
By the end of last week, the combined assets of the funds stood at $104.29 billion, while cumulative net inflows across all products reached $58.34 billion.
Bitunix analysts described the billion-dollar outflow as an “aggressive capital reallocation,” arguing that investors are increasingly shifting funds into artificial intelligence-related stocks.
Shares of NVIDIA, Google, and Apple reached new all-time highs during the week, while AI chipmaker Cerebras surged more than 70% on the day of its IPO.
Negative momentum was also observed in Ethereum-linked funds. ETH ETFs recorded outflows during all five trading sessions of the week.
The largest losses occurred on May 12 ($130.62 million) and May 15 ($65.65 million). In total, Ethereum ETFs lost $254.46 million during the week, reducing their combined net assets to $12.93 billion.
Meanwhile, funds tied to other cryptocurrencies posted positive results. XRP ETFs attracted $60.5 million over the week, Solana ETFs gained $58.12 million, while Dogecoin ETFs added $666,000.
Analysts at Santiment stated that they have observed growing euphoria surrounding Bitcoin. According to them, this optimism is linked to the recent approval by the US Senate Banking Committee of a compromise version of the CLARITY stablecoin yield bill.
See also: "Bitcoin Falls Below $77K Amid Rising Oil Prices and Bond Yields"
