Bitcoin ETFs See $635M Outflows as BTC Dips Below $80K
U.S. spot Bitcoin ETFs recorded $635.2 million in outflows on May 13, marking the largest single-day withdrawal since January 2026. The outflows coincided with Bitcoin (BTC) slipping below the key $80,000 level, trading at $79,898 as of May 14. The cryptocurrency has struggled to maintain upward momentum after a 37% rally from April lows, with rising profit-taking and weakening spot demand noted by analysts.
The latest withdrawals extend the $233.3 million in ETF outflows from May 12, bringing weekly outflows to $841.2 million. This puts Bitcoin ETFs on track for their first weekly net loss after six consecutive weeks of inflows, which had totaled $3.4 billion. The reversal reflects shifting market sentiment, with investors seemingly locking in profits as BTC continues to hover near resistance levels around its 200-day moving average of $82,400.
BlackRock's IBIT Leads Outflows
The BlackRock iShares Bitcoin Trust (IBIT) led the exodus, shedding $285 million on May 13, according to Farside data. The ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $177 million and $133.2 million in outflows, respectively. Notably, Morgan Stanley's recently launched Bitcoin Trust ETF (MSBT) remained resilient, recording $6 million in inflows earlier in the week and avoiding any outflows.
These flows underscore the evolving dynamics in Bitcoin ETF markets. Since the introduction of U.S. spot Bitcoin ETFs in January 2024, these products have become critical indicators of institutional sentiment and liquidity. While inflows have often driven BTC rallies, sharp outflows like these tend to amplify downside volatility.
Altcoin Funds See Mixed Trends
The negative sentiment extended to Ether (ETH) ETFs, which posted $36.3 million in outflows on May 13, bringing their weekly total to $184 million. Meanwhile, Solana (SOL)-linked funds bucked the trend, attracting $6 million in inflows, with week-to-date gains hitting $51.6 million. Hyperliquid (HYPE)-focused ETFs also saw modest inflows of $1.36 million, signaling selective investor interest in altcoins.
Profit-Taking and Resistance Levels
Bitcoin's recent swings around $80,000 reflect a tug-of-war between short-term profit-taking and long-term bullish sentiment. On-chain data from CryptoQuant suggests that BTC is testing a critical resistance-turned-support band near $70,000, which aligns with the average cost basis for short-term traders. Historically, this level has acted as a floor during bearish corrections, reducing selling pressure as unrealized profit margins compress.
However, analysts have flagged weakening demand in U.S. spot markets, coupled with elevated unrealized gains, as reasons for caution. If BTC fails to reclaim $82,400—the 200-day moving average—it could signal further downside risk in the near term.
For traders, the $70,000 level will be crucial to watch if a deeper correction unfolds, while the ETF flow data continues to offer a real-time gauge of institutional confidence in Bitcoin's trajectory.