Even BlackRock Threw It Away... Bitcoin Spot ETF Fund Outflow, Is This the Start of a Real Crash?

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A massive capital outflow from BlackRock in the Bitcoin (BTC) spot ETF market has drastically shaken institutional investor sentiment. With $527.8 million withdrawn in a single day, the BTC price also fell to the $73,000 level, and the spot ETF market entered a net outflow trend for 8 consecutive trading days.

According to crypto media outlet Finbold on May 28 (local time), BlackRock's iShares Bitcoin Trust ETF (IBIT), managed by the world's largest asset manager, recorded a net outflow of $527.8 million on May 27. This is the second largest single-day outflow since the ETF's launch in 2024. The largest ever record was $528.3 million on January 30.

On the same day, a total of $733.4 million flowed out of the entire U.S. Bitcoin spot ETF market. Grayscale's GBTC recorded a net outflow of $104.8 million, and Fidelity's FBTC saw a net outflow of $60.3 million. In contrast, only Morgan Stanley's MSBT showed a net inflow of $4.3 million. The media reported that this trend marks the largest single-day net outflow by institutional investors since January 29 this year.

In the wake of the massive capital outflow, BTC prices also plummeted. BTC traded around the $73,310 mark, falling approximately 3.4% during the day. The market shock was particularly significant as this decline occurred after U.S. President Donald Trump reiterated his commitment to promoting the CLARITY Act, a bill aimed at the structure of the U.S. cryptocurrency market.

Rapid liquidations also occurred in the derivatives market. Over the past 24 hours, the liquidation volume for BTC long positions exceeded $296 million, with forced liquidations surging by 185% compared to the previous period. Furthermore, a large-scale sell-off by IBIT investors through dark pool transactions on May 27 led to a decrease of approximately $30 billion in BTC's market capitalization in a single day.

Currently, the U.S. Bitcoin spot ETF market continues its net outflow trend for 8 consecutive trading days. The total net asset value is approximately $96.45 billion, with BlackRock's IBIT accounting for about $59.48 billion of this. This represents approximately 3.94% of the total BTC supply.

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