Key Headlines:
- First collective outflow in 2+ weeks breaks 10-day winning streak
- Largest single-day exodus since March amid BTC price drop
- Fidelity and Grayscale lead outflows, BlackRock defies trend
- Ethereum ETFs show resilience with $92M inflows
📉 Bitcoin Price Drop Triggers Mass Exodus
US spot Bitcoin ETFs recorded their first collective outflow in over two weeks on May 29, ending a 10-day streak of net inflows. The $347 million outflow was the largest single-day retreat since March, triggered by Bitcoin’s 3.5% daily decline from $108,850 to below $105,000.
🏦 Winners and Losers
Biggest Outflows:
- Fidelity FBTC: -$166M (largest single outflow)
- Grayscale GBTC: -$107.5M
- Additional losses across Bitwise, Ark 21Shares, Invesco, Franklin Templeton, VanEck
Standout Winner: BlackRock IBIT bucked the trend with $125M inflow – its 34th consecutive day of gains since April 9. Total assets now exceed $70 billion.
💎 Ethereum ETFs Prove Resilient
While Bitcoin funds bled, spot Ethereum ETFs showed strength with $92M net inflows on May 29, extending their winning streak to 10 trading days.
BlackRock’s ETHA led with $50M inflows, bringing total assets to $4.5B since July 2024 launch.
😰 ETH Investors Underwater
Glassnode data reveals most Ethereum ETF investors are sitting on heavy losses:
- Average loss: ~21%
- Cost basis: $3,300-3,500
- Current ETH price: ~$2,610
Recent court decisions easing trade tensions provided some relief, with ETH rebounding 44% over the past month.
🤫 BlackRock’s Quiet Bitcoin Accumulation
BlackRock has been steadily increasing Bitcoin exposure through internal allocations. SEC filings show Strategic Income Opportunities Portfolio held 2,123,592 IBIT shares worth $99.4M as of March 31 – up significantly from year-end 2024.
Future Outlook: Bitwise projects Bitcoin ETF inflows could reach $120B in 2025 and potentially $300B by 2026, with major wirehouses yet to fully embrace the products.