US Crypto ETFs Post 13th Straight Outflow Day, $4.37B Since May
US spot crypto exchange-traded funds recorded a 13th consecutive session of net outflows on Wednesday, bringing the total withdrawn since mid-May to $4.37 billion, CoinDesk reported. Wednesday's session alone accounted for $396.6 million, with BlackRock's IBIT losing $342.34 million and Fidelity's FBTC $54.26 million. Bitcoin closed the day at $66,965.27. The streak has now run long enough to change the funds' balance sheets rather than just their daily flow figures.
The Balance Sheet: $21.46 Billion of Assets Gone Since May 15
Assets under management is the cleaner measure of what a redemption streak does, because it nets the withdrawals against what the remaining holdings are worth. US spot bitcoin ETFs held $104.29 billion on May 15. By Wednesday that had fallen to $82.83 billion, a decline of $21.46 billion in about three weeks. Part of that is price and part is redemption, and the two reinforce each other: shares are redeemed, the underlying bitcoin is sold, and the sale weighs on the price that marks what is left.
The share figure isolates the redemption component. The ETF complex's holdings as a proportion of bitcoin's total market capitalization slipped from above 7% to 6.36%. That ratio moves only when the funds' bitcoin shrinks faster than the asset's overall market value, which means the vehicles that absorbed supply through 2024 and 2025 have been handing it back at a rate faster than the market as a whole has contracted.
The Breadth: Every Major Product Except One in the Red
Wednesday's outflows were not confined to bitcoin. Across the US listed complex, the day broke down as follows:
- Bitcoin ETFs: $396.6 million out, led by IBIT at $342.34 million.
- Ether ETFs: $52.94 million out.
- Solana ETFs: $12.74 million out.
- XRP ETFs: $5.34 million out.
- 21Shares' THYP: $2.99 million in, the only product taking money.
The Exception: THYP at $192.01 Million and Still Growing
THYP, the 21Shares product tracking Hyperliquid's HYPE token, was the single fund on the board with a positive number. Its $2.99 million inflow took its cumulative total to $139.51 million since May 12 and left assets under management at $192.01 million. The scale is worth keeping in view: THYP's entire asset base is smaller than a single day's outflow from IBIT, and its cumulative intake since launch is roughly 3% of what the bitcoin funds have given back since mid-May. HYPE itself set a record high of $73.94 on Monday. The signal in THYP is about where new allocation is going at the margin, not about the size of the pool it is drawn from.
What a Redemption Streak Does to Spot Liquidity
A spot ETF is not a wrapper that sits alongside the market; it transmits directly into it. Creations require an authorized participant to source bitcoin, and redemptions push it back the other way, so 13 sessions of net outflows is 13 sessions in which a structural buyer has been a structural seller. That removes the bid that had been absorbing supply and adds to the supply the remaining bid has to absorb, which is why order books tend to thin and moves tend to overshoot while a streak is running. The question the flow data does not answer is what stops it. Nothing in Wednesday's numbers marked a turn, and with the ETF share of bitcoin's market capitalization at 6.36% and falling, the level at which redemptions exhaust themselves is unknown.