"Even BlackRock couldn't withstand it"...Bitcoin ETF, 'funding collapse' fear

▲ Bitcoin (BTC)

Funds of the second-largest scale in history have flowed out of BlackRock's Bitcoin (BTC) spot ETF, causing the year-to-date trend of the U.S. Bitcoin spot ETF market to turn negative again.

According to cryptocurrency specialized media Cointelegraph on May 28 (local time), BlackRock's iShares Bitcoin Trust (IBIT) recorded a net outflow of $527.8 million in a single day on Wednesday. Based on data from Farside Investors, the total net outflow from U.S. Bitcoin spot ETFs reached $733.4 million on that day.

This net outflow from IBIT is the second largest daily loss since its launch. The largest historical net outflow was $528.3 million recorded on January 30, 2026, and this current amount approached that record. U.S.-listed Bitcoin spot ETFs have continued net outflows for 8 consecutive trading days, with cumulative withdrawals totaling approximately $2.6 billion during this period.

According to SoSoValue data, U.S. Bitcoin spot ETFs have shifted to a net outflow state of approximately $596 million year-to-date. Funds withdrawn during May amounted to approximately $2.1 billion, marking the largest monthly net outflow this year. However, the total daily net outflow did not reach the historical high of approximately $866.7 million recorded on November 13, 2025.

The market also raised the possibility of weakening institutional demand. Cryptocurrency market analysis platform 10x Research stated that if Strategy finds itself in a situation where it needs to cover dividend obligations, it could face pressure within a few months, mentioning the possibility of a weakening in major corporate buying that has consistently supported Bitcoin demand.

Michael Saylor, co-founder of Strategy, discussed the possibility of selling Bitcoin in mid-May, stating that adhering too strictly to a "never sell" approach could put a strain on the assets the company aims to accumulate and hold. With ETF fund outflows combined with concerns about slowing corporate buying, the U.S. Bitcoin spot ETF market has largely reversed its inflows from the beginning of this year.

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