BlackRock iShares Bitcoin exchange-traded fund (ETF) IBIT has experienced its first day of outflow in more than 30 days, with $400 million in value exiting from the ETF and ending its streak. The outflow followed a recent decline in BTC value, which saw its price below $105,000.
According to data from Farside Investors, IBIT saw a total of $430.8 million outflows on a day that other spot Bitcoin ETFs also bled funds. Fidelity FBTC and Bitwise BITB recorded $13.7 million and $35,3 million outflows, respectively, while Ark Investments 21 Shares ARKB had a negative $120.1 million flow.
While the IBIT outflow ends its no-outflow streak, analysts consider the run impressive for the product, which has been around for less than 18 months. ETF Foundation president Nate Geraci praised it.
He said:
“What a run over the past 30+ days though. Not sure I have words to describe how ridiculous this is.”
However, IBIT’s outflow was unsurprising, given that all the other funds have experienced multiple days of outflows this month. In fact, the combined net outflow of $347 million for Bitcoin ETFs on May 29 had already ended the two-week streak of consecutive inflows for the asset class, making the eventuality of an IBIT outflow inevitable.
With the massive outflows from IBIT, the 11 Bitcoin ETFs finished May 30 with a combined outflow of $616.1 million, one of the biggest daily outflows in over a month. Still, the streak of inflows and the few outflows highlights Bitcoin’s positive performance in May, during which it reached a new peak.
IBIT AUM is now above $70 billion despite the BTC decline
Meanwhile, IBIT now has over $70 billion in assets under management (AUM) despite the recent outflows, enough to rank 23rd on the list of top 100 ETFs. This performance has shattered all expectations about spot Bitcoin ETFs and shows how the product has outdone even the most bullish prediction at the time of their approval.
Bloomberg ETF analyst Eric Balchunas noted that the next youngest ETF in the top 25 has been around for 12 years, showing IBIT’s significance. The around $6.5 billion in inflows in May for IBIT is a monthly inflow record and contributed to the over $70 billion AUM milestone.
Interestingly, spot Bitcoin ETFs collectively pulled in over $9 billion in inflows over the last five weeks. This sharply contrasts with the almost $3 billion that flowed out of gold ETFs, further showing that investors view Bitcoin as a hedge asset different from gold.
Cumulatively, Bitcoin ETFs have seen a net inflow of around $45 billion since their launch. This is still impressive, given that Grayscale GBTC has seen an outflow of $23.21 billion since its conversion into an ETF.
What is next for Bitcoin?
With Bitcoin down more than 4% in the last seven days and dropping to $104,000 after peaking around $112,000, investors are observing the crypto market’s next move. The general sentiment among analysts is that the bull run is not over yet, and BTC might still have more room to run.
According to Cryptoquant analysts, the conditions for Bitcoin are still bullish even though some metrics are already overheating. The firm stated that its Bull Score Index is currently at 80 and expects the flagship asset to keep rallying until the score is below 50.
However, the analysts noted that Bitcoin demand growth seems to have reached a local top after the 30-day demand growth estimate reached 229,000 BTC, close to 279,000 BTC, which marked the top in December 2024.
Interestingly, the Bitcoin balance held by whales also increased by 2.8% last month. Such rapid increase has historically preceded reduced accumulation, which could mean less buying pressure to push prices further up.
Nevertheless, many believe that the demand for BTC remains very strong. Appolo Sats founder Thomas Fahrer noted that the Bitcoin double-top in 2025 is nothing compared to similar double peaks in price in 2021. This is because BTC’s recent performance is supported by demand from the ETF, treasury companies, and sovereign states that have established BTC reserves.
Bitcoin Net Realized Profit & Loss remains limited despite recent peak (Source: CryptoQuant)
Crypto analyst Crypto Dan also believes Bitcoin will continue the upward cycle and points to the Bitcoin Net Realized Profit and Loss (NPRL) metric as evidence. He stated that the current level of profit-taking is lower compared to previous highs in 2024. Thus, its effect would likely be a price correction in the short term rather than a complete reversal of the upward cycle.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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