US Bitcoin ETFs saw $347 million in net outflows on May 29, ending a 10-day inflow streak, primarily due to profit-taking and risk reduction ahead of month-end. Grayscale’s GBTC accounted for 80% of outflows as investors rotated into lower-fee products.
The withdrawals coincided with Bitcoin’s price drop below key psychological levels, triggering stop-loss orders from short-term traders. BlackRock’s IBIT was the sole product with net inflows, suggesting institutional preference for established issuers during market stress.
Analysts attribute the outflow spike to hedge funds rebalancing portfolios quarter-end rather than a shift in long-term sentiment. The quick resumption of inflows to IBIT the following day supports this interpretation.
