Bitcoin ETFs Suffer Largest Daily Outflow Since January Amidst Oil Rally

Bitcoin's price has been under pressure after a streak of 10 consecutive sessions of outflows from U.S. spot exchange-traded funds (ETFs). According to data from SoSoValue, the funds lost $2.97 billion between May 15 and May 29, with a single-day withdrawal of $733 million on May 27. This is the largest daily exit since January.

The outflow has removed a significant source of demand that previously supported Bitcoin's price during market rallies. At the same time, spot Ether ETFs also faced heavy pressure, with around $2.6 billion leaving net assets over the same period.

The oil rally and resulting macro pressures have added to the challenges facing crypto traders. Brent crude prices rose above $93 a barrel as efforts to reopen the Strait of Hormuz made little progress. The increase in crude prices has also led to treasuries falling across the curve, according to Bloomberg reports.