Bitcoin ETF Outflows Hit $4B In May: Can BTC Price Recovery Help?

Key Insights:

• Last week, spot Bitcoin ETFs in the US collectively sold 19,021 BTC, equivalent to around 42 days of newly mined Bitcoin supply.
• The cumulative Bitcoin ETF outflows have surpassed $4 billion since May 7.
• BTC price is now testing a critical support zone near $72,650. Breaking below this level could trigger a further drop to $54,300 and $51,000.

Outflows from spot Bitcoin ETFs have accelerated over the past three weeks of May. During the last week ending May 29, the net outflows from US ETFs were $1.42 billion.

As a result, the total outflows for the last three weeks stood at over $4 billion. The BTC price chart continues to show weakness and is currently testing a crucial support at $72,500.

US Bitcoin ETFs Sold Over 19,000 BTC Last Week

U.S. spot Bitcoin ETFs recorded approximately $1.42 billion in net outflows during the week ended May 29. It marked one of the largest weekly withdrawals from Bitcoin products this year.

US Bitcoin ETF weekly outflows | Source: Trader T, X

Collectively, spot Bitcoin ETFs sold an estimated 19,021 BTC during the week. That’s equivalent to roughly 42 days of newly mined Bitcoin supply. Among major issuers, BlackRock recorded the largest reduction in holdings, selling approximately 12,757 BTC, worth $966 million.

Other notable sellers included Grayscale Investments with combined sales of roughly 3,734 BTC across its products. Fidelity Investments had 2,232 BTC sold, ARK Invest and 21Shares had 328 BTC sold, and Bitwise Asset Management had 603 BTC sold.

Bitcoin ETFs Withdraw $4 Billion In Three Weeks

Santiment reported that U.S. spot Bitcoin ETFs have recorded over $4.01B in cumulative net outflows since May 7.

Blockchain analytics firm noted that historical data shows major ETF inflow spikes have frequently occurred near local market tops. On the other hand, significant outflows have often followed with BTC price rebounds.

Bitcoin ETF outflows in May | Source: Santiment

The firm highlighted a nearly $904 million outflow day in November 2025. This occurred close to a major market bottom before Bitcoin recovered. Santiment analysts believe that the current three-week stretch of more than $4 billion in ETF outflows could act as a contrarian signal.

The analysts noted that the scale of recent withdrawals suggests many investors have already reduced exposure. This indicates that market is already much closer to the local bottom.

BTC Price Tests Crucial Support, Is $50,000 Coming?

The BTC price has clearly been in a macro downtrend. Many experts believe that Bitcoin could reach another low before resuming any meaningful uptrend to an all-time high.

Popular analyst Ali Martinez noted that he is closely monitoring the $72,650 level for Bitcoin. It’s a key support zone identified by the MVRV pricing bands.

BTC price test key support | Source: Ali Martinez, X

According to Martinez, maintaining support above this level would help preserve Bitcoin’s current market structure. However, a breakdown below $72,650 could lead to a deeper correction for BTC price.

The analyst added that the support level may fail. If this happens, the next major demand zone for Bitcoin lies between $54,300 and $51,000.

Another analyst Plan B, who popularized the stock-to-flow (S2F)said that Bitcoin closed the month of May at $73,568. However, market participants remain divided on whether the February low near $60,000 marked the cycle bottom.

According to PlanB, investor sentiment is currently split. Some are expecting a BTC price recovery from the February lows. At the same time, others anticipate the continuation of a broader bearish trend.

The analyst stated that current market data does not yet indicate a confirmed bottom formation. As a result, he believes there is a greater than 50% probability that Bitcoin could decline further.

Bitcoin stock-to-flow model | Source: PlanB

PlanB added that a deeper correction could push Bitcoin below its 200-week moving average near $61,000. Furthermore, the realized price of around $53,000 is another key downside level to watch.

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