Spot Bitcoin ETFs extended their redemption streak on May 28, with another $229 million leaving the products as outflows across crypto-linked exchange-traded funds deepened. Spot Ethereum ETFs also remained under pressure, recording $121 million in net outflows and pushing their own withdrawal run to 13 consecutive trading days.
Bitcoin ETFs See Ninth Straight Outflow
The latest data from SoSoValue adds to a broader cooling in ETF demand after a period in which spot products became one of the market’s most closely watched liquidity channels. For Bitcoin funds, the May 28 outflow brought cumulative net inflows down to $55.79 billion, while total net assets stood at $94.25 billion. Daily trading volume across the spot Bitcoin ETF complex reached $2.36 billion.
The nine-day Bitcoin ETF outflow streak has now removed about $2.84 billion from the products. The heaviest single-day redemption in the run came one session earlier, on May 27, when the funds lost $733.4 million. That followed a $333.7 million outflow on May 26 and a $648.6 million outflow on May 18, making the streak more than a minor one-day reversal.
The last positive day before the current Bitcoin ETF sequence was May 14, when the products posted $131.3 million in net inflows. Since then, the data show a persistent shift toward redemptions, with every subsequent trading session through May 28 closing in negative territory. Total net assets have also fallen from $107.75 billion on May 14 to $94.25 billion on May 28, although that decline reflects both flows and underlying Bitcoin price movements.
Ethereum ETF Streak Hits 13
Ethereum funds showed a similar, and proportionally sharper, pattern. Spot Ethereum ETFs saw $121.4 million in net outflows on May 28, bringing cumulative net inflows to $11.39 billion and total net assets to $11.30 billion. Daily trading volume stood at $691.3 million.
The 13-day Ethereum ETF outflow streak has pulled roughly $694.6 million from the products since May 11. The largest daily loss in that sequence came on May 12, when the funds shed $130.6 million, followed by the May 28 outflow of $121.4 million. In percentage terms, the May 28 Ethereum ETF withdrawal was more pronounced than the Bitcoin ETF move, amounting to about 1.07% of total net assets, compared with roughly 0.24% for Bitcoin ETFs.
The divergence in scale remains important. Bitcoin ETFs still hold far larger aggregate assets and maintain a much larger cumulative net inflow base, even after the recent redemption streak. Ethereum ETFs, by contrast, are operating from a smaller asset base, which makes nine-figure daily outflows more significant relative to the size of the market.
The outflows came as macro conditions turned less favorable for non-yielding risk assets, with rising long-end Treasury yields pressuring expectations for Federal Reserve rate cuts and pushing investors toward a more defensive stance. At the same time, Bitcoin-specific support from major corporate buyers looked less forceful, with Strategy pausing fresh purchases after its preferred stock traded below par.
At press time, BTC traded at $73,661.
Featured image created with DALL.E, chart from TradingView.com
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