Spot Bitcoin ETFs experienced a shift in investor sentiment last week, as uncertainty surrounding trade policies and profit-taking led to a reversal in inflow trends. According to data from SoSoValue, the 12 spot Bitcoin ETFs in the U.S. saw $157.4 million in outflows from May 27-30, ending a six-week inflow streak that brought in over $9 billion into the funds.
Among the funds hit hardest were ARK 21Shares’ ARKB, which experienced $281.9 million in outflows, and Fidelity’s FBTC, which saw outflows of $198.8 million. Grayscale’s GBTC and Bitwise’s BITB also experienced losses, with $134.4 million and $104.3 million in outflows, respectively. Other funds like Invesco’s BTCO, Franklin Templeton’s EZBC, and VanEck’s HODL recorded a combined $30.3 million in redemptions.
Despite the outflows, BlackRock’s IBIT managed to offset a significant portion of the losses with $584.6 million in inflows, indicating that some investors still viewed the pullback as a buying opportunity. Grayscale’s mini BTC fund and Valkyrie’s BRRR also saw modest inflows, helping to soften the overall impact.
Although last week saw redemptions, May ended on a positive note for Bitcoin ETFs overall. Net inflows for the month totaled around $5.23 billion, a 75% increase compared to April. This rebound in May demonstrates the ongoing appetite that investors have for BTC, even amidst short-term market uncertainties.
Investor demand for Bitcoin ETFs declined last week as traders took profits following BTC’s rally to a new all-time high earlier in May. With June historically being a bearish month for Bitcoin in four of the past six years, many investors likely chose to secure gains ahead of a potential seasonal dip.
Additionally, concerns on the macroeconomic front added to the market uncertainty. The ongoing trade tariff drama surrounding Donald Trump resurfaced after conflicting rulings were issued by two U.S. courts. This uncertainty has kept some investors cautious.
Bitcoin’s price experienced a 4.3% drop over the past week, briefly reaching $103,950 on June 2 before rebounding to around $105,000. Despite the dip, BTC remains only 6.1% below its all-time high of $111,814 from last month.
Himanshu Maradiya, founder and chairman of CIFDAQ, commented on the market conditions, stating, “This pullback is healthy, not signaling outright bearishness but more of a pause and consolidation. Overall, this is not a risk-on environment, but also not one to fear. It’s a time for discipline: capital preservation, sharp focus, and readiness to seize opportunities as they arise.”