Darius Baruo
May 28, 2026 12:07
BlackRock’s iShares Bitcoin Trust sees its second-largest daily outflow as BTC dips below $75K, raising concerns about institutional demand.
BlackRock’s iShares Bitcoin Trust (IBIT) experienced $527.8 million in net outflows on May 28, marking its second-largest single-day loss since the ETF’s launch in January 2024. This contributed to a total of $733.4 million in daily net withdrawals across U.S. spot Bitcoin ETFs, as Bitcoin (BTC) dipped below $75,000 to trade at $73,390—down 3% over the past 24 hours.
The outflows extended an eight-day streak of redemptions for U.S.-listed spot Bitcoin ETFs, pushing cumulative withdrawals during this period to roughly $2.6 billion. According to SoSoValue data, May has seen $2.1 billion in total outflows, making it the largest monthly net withdrawal in 2026 so far. These losses have wiped out earlier gains, leaving U.S. Bitcoin ETFs with $596 million in net outflows year-to-date.
Institutional Demand Under Pressure
The sharp reversal in ETF flows comes as institutional demand for Bitcoin shows signs of weakening. Analysts at CryptoQuant noted that $70,000 may become the next significant support level for BTC if selling pressure persists. Adding to concerns, 10x Research analysts recently highlighted potential financial stress at Strategy, the largest publicly listed Bitcoin holder. If Strategy is forced to sell Bitcoin to meet dividend obligations, it could further erode demand from key corporate buyers.
BlackRock’s IBIT, which launched in early 2024, is one of 11 U.S. spot Bitcoin ETFs approved since the SEC greenlit the first products two years ago. Unlike futures-based ETFs, spot Bitcoin ETFs hold actual BTC in custody, providing investors with direct exposure to the underlying asset. These funds have become increasingly influential in driving short-term BTC price movements, with inflows historically supporting rallies and outflows exerting downward pressure.
From Inflows to Outflows
Earlier in May, spot Bitcoin ETFs had been on a nine-day inflow streak totaling $2.7 billion, buoyed by optimism as BTC rallied past $80,000. However, sentiment quickly shifted, and the latter half of the month has now seen more than $1.26 billion in outflows. The May reversal underscores the volatility tied to ETF flows and their outsized impact on Bitcoin’s price trajectory.
For context, the largest single-day outflow from U.S. Bitcoin ETFs occurred on November 13, 2025, when $866.7 million exited the market. While the May 28 withdrawals of $733.4 million remain below that record, the sustained pace of redemptions is raising red flags among market observers.
What’s Next for Bitcoin?
Bitcoin’s price has struggled to find a stable footing since falling below $75,000. With ETF outflows accelerating and institutional demand appearing to falter, traders are closely watching $70,000 as a potential support level. Any breach of this threshold could trigger further selling pressure, compounding the challenges for BTC in the near term.
For investors, the dynamics of ETF flows remain a critical factor. While May’s outflows have reversed earlier gains, any signs of renewed inflows could help stabilize Bitcoin prices. Market participants will also be monitoring broader macroeconomic factors and corporate balance sheet activity, particularly from large holders like Strategy, for clues on the next major move in Bitcoin.
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