Bitcoin ETFs See $277M Outflows as Ethereum ETFs Also Turn Negative

Key insights:

• Bitcoin ETFs posted $277.50 million in net outflows on May 7, ending a five-day inflow run.
• Fidelity’s FBTC led withdrawals at $128.99 million, followed by BlackRock’s IBIT at $98.02 million.
• Ethereum funds saw $103.52 million leave the products, with no fund posting positive flows.

Bitcoin ETFs posted a total net outflow of $277.50 million on May 7, ending a five-day run of consecutive inflows.

The withdrawal pulled cumulative net inflow since launch down to $59.49 billion, with total net assets across the funds falling to $106.77 billion from $108.76 billion the day before.

Trading volume across the Bitcoin ETFs reached $1.98 billion on the session, according to data from SoSoValue.

The reversal came after May 6 had drawn in $46.33 million, the softest of the recent positive sessions.

Bitcoin ETFs Snap Five-Day Inflow Streak With $277M Withdrawal

The May 7 outflow ended a stretch that had pulled close to $1.7 billion into Bitcoin ETFs across four of the previous five trading sessions.

May 5 had drawn $467.35 million, May 4 added $532.21 million, and May 1 brought in $629.73 million. May 6 closing the run at a smaller $46.33 million.

Bitcoin ETFs data | Source: SoSoValue

Eight of the eleven Bitcoin ETFs posted withdrawals on May 7, while only two recorded positive flows. Three funds held flat at zero net activity for the day.

Fidelity and BlackRock Lead the Withdrawals

Fidelity (CBOE: FBTC) saw the largest single-fund outflow of the day at $128.99 million. That’s equal to 1.61 thousand BTC leaving the product. The fund’s cumulative net inflow stands at $11.23 billion.

BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) posted the second-largest withdrawal at $98.02 million, or 1.22 thousand BTC. The fund’s cumulative net inflow dropped to $950.35 million.

Grayscale (NYSE: GBTC) recorded $26.78 million in outflows. Ark & 21Shares (CBOE: ARKB) registered $12.62 million in withdrawals.

However, Invesco (CBOE: BTCO) lost $9.97 million and Valkyrie (NASDAQ: BRRR) saw $9.03 million leave the fund. VanEck (CBOE: HODL) posted a smaller outflow of $5.10 million.

Two products bucked the trend among Bitcoin ETFs. Morgan Stanley (NYSE: MSBT) drew $7.35 million in fresh capital, while Grayscale’s Bitcoin Mini Trust (NYSE: BTC) added $5.67 million.

Bitwise (NYSE: BITB), Franklin (CBOE: EZBC), WisdomTree (CBOE: BTCW), and Hashdex (NYSE: DEFI) recorded zero net flows on the day.

Ethereum Funds Post $103M in Daily Outflows

Ether-based products also turned negative on May 7. With this, $103.52 million left the funds in their first outflow session in five days.

None of the ten listed Ethereum products posted positive flows for the day. Cumulative net inflow for the category fell to $12.08 billion, with total net assets at $13.60 billion.

Fidelity’s Ethereum fund (CBOE: FETH) recorded the largest outflow at $62.26 million. BlackRock’s iShares Ethereum Trust (NASDAQ: ETHA) lost $26.31 million on the session.

Ethereum ETFs data | Source: SoSoValue

Grayscale’s two products combined saw $12.08 million leave. The legacy Ethereum Trust (NYSE: ETHE) accounted for $8.38 million and the Ethereum Mini Trust (NYSE: ETH) for $3.70 million. 21Shares (CBOE: TETH) posted a smaller outflow of $2.86 million.

Trading volume across the Ethereum funds totaled $524.38 million on May 7. It was up from $491.75 million the previous session.

The day’s outflow erased most of the gains from the four previous positive sessions. This had added a combined $271.61 million between May 1 and May 6.

Bitcoin ETFs Cumulative Inflow Holds Above $59 Billion

Even with the May 7 setback, Bitcoin ETFs retained over $59B in cumulative net inflow since their January 2024 launch.

Total net assets across the eleven products stood at $106.77 billion at the close of the session. It was down from a peak of $108.98 billion seen on May 5.

The pullback follows a period of strong daily intake earlier in the month. At that time, the Bitcoin ETFs added over $1.6 billion across three sessions between May 1 and May 5.

April had ended on a softer note for the funds. The month recorded  $14.76 million in inflows on April 30 and $137.77 million in outflows on April 29.

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