BlackRock’s spot Bitcoin exchange-traded fund (ETF) posted its second-largest daily outflow on record as US Bitcoin funds extended an eight-day redemption streak during a sharp pullback in the cryptocurrency to below $75,000.
BlackRock’s iShares Bitcoin Trust (IBIT) saw $527.8 million in net outflows on Wednesday, helping push total withdrawals from US spot Bitcoin ETFs to $733.4 million for the day, according to data from Farside Investors.
The outflows marked IBIT’s second-largest daily loss since launch, slightly below the fund’s record $528.3 million outflow on Jan. 30, 2026.
The latest pullback extended a streak of eight consecutive trading days of net outflows across US-listed spot Bitcoin ETFs, with cumulative withdrawals reaching roughly $2.6 billion over the period.
The sustained withdrawals come as several market indicators point to weakening Bitcoin demand, with analysts at CryptoQuant reiterating that $70,000 could emerge as the next major BTC price support level if selling pressure continues.
Bitcoin ETFs flip back to negative territory
The latest wave of withdrawals has pushed US spot Bitcoin ETFs back into negative territory for the year, reversing strong inflows seen earlier in 2026.
US spot Bitcoin ETFs now show about $596 million in net outflows year to date according to SoSoValue data, with May alone accounting for roughly $2.1 billion in withdrawals, the largest monthly outflows so far this year.
Monthly flows of US-listed spot Bitcoin ETFs. Source: SoSoValue
Although BlackRock’s IBIT saw near-record outflows on Wednesday, total daily withdrawals across US spot Bitcoin ETFs were still well below the worst day on record.
Related: Bitcoin price shrugs off $1.3B BlackRock ETF block sale
According to Farside data, the sharpest sell-off was recorded on Nov. 13, 2025, when the funds recorded about $866.7 million in outflows, with losses spread across nearly all issuers.
Analysts warn of institutional demand shift amid Strategy cash concerns
Outflows from US spot Bitcoin ETFs come as analysts warn of a potential shift in institutional Bitcoin demand, with some pointing to weakening support from key corporate buyers.
Much of that support is linked to Strategy, the largest publicly listed Bitcoin holder, according to crypto market intelligence platform 10x Research.
Source: 10XResearch
In an X post on Tuesday, 10x Research analysts said Strategy could face pressure within months if it needs to fund dividend obligations, raising the possibility it may no longer act as a steady source of Bitcoin demand.
Related: Strategy buys back $1.5B of debt at discount, cuts outstanding notes to $6.7B
Strategy co-founder Michael Saylor raised the possibility of selling Bitcoin in mid-May, saying that sticking too rigidly to a “never sell” approach could ultimately work against the very asset the company is built to accumulate and hold.
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