Bitcoin ETFs Continue Downward Spiral with Sixth Straight Day of Net Outflows

The latest data on Bitcoin ETFs in the US shows a concerning trend for investors in the cryptocurrency market. For six consecutive trading days, these funds have experienced net outflows, with May 23 witnessing the largest withdrawal of $105.2 million.

BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) were among the hardest hit, losing $68.9 million and $36.3 million respectively.

The net outflows have been a persistent issue since May 14, when the funds last experienced net inflows. Since then, the total outflows have reached an alarming $1.55 billion.

This trend is significant because Bitcoin ETF flows are often seen as an indicator of institutional demand for bitcoin and new money entering the crypto market. The reduced interest from institutions may be attributed to various factors, including the recent actions of prominent players like Jane Street and Goldman Sachs.