Bitcoin ETFs see $4.3B outflow streak; Ether ETF record pressure
Bitcoin ETFs outflow remains the main negative driver as spot Bitcoin ETF holders extended net redemptions to 13 consecutive sessions (May 15–Jun 3), the longest since Jan 2024. Cumulative Bitcoin ETFs outflow is about $4.3B and 59,351 BTC, flipping YTD flows back negative after April’s inflow rebound.
On a coin-denominated basis, the selling pressure accelerated: the 20-day window hit record withdrawals of $5.42B and 73,080 BTC, with 7- and 10-day rolling totals also setting new redemption highs. The article links the pace to basis-trade unwinds and tighter cash-and-carry conditions as spot demand stays weak.
Sentiment took another hit when Jim Cramer questioned “who murdered Bitcoin,” widely read as targeting Strategy (MicroStrategy). Strategy said it sold 32 BTC (~$2.5M) for preferred-share dividend obligations (first sale since 2022), but the move fueled criticism that its multi-year BTC exposure is lagging the S&P 500.
Ethereum ETFs also worsened broadly: spot Ether ETF saw 17 consecutive days of net outflows, the longest since launch. BTC trades around $62.8k with RSI(14) near 17 (deep oversold). Support is cited near $61,384; a break could expose lower levels (~$55,545 then $52,496). For traders, continued Bitcoin ETFs outflow data is the key near-term confirmation signal for trend stabilization or further downside.
Bearish
Persistent Bitcoin ETFs outflow keeps spot-demand pressure elevated. The 13-day redemption streak (and record coin-denominated withdrawals) suggests investors are actively reducing exposure, which can cap upside regardless of short-term oversold signals. The Strategy selling disclosure also worsened sentiment and may sustain risk-off behavior toward BTC.
Meanwhile, the 17-day Ether ETF outflow streak points to broader risk aversion rather than isolated BTC-specific weakness. In the short term, oversold conditions (low RSI) could trigger short-lived bounces, but the ETF flow trend and cited support-risk levels favor continued downside or choppy liquidation until redemptions stabilize.
Longer term, the article notes lifetime inflows remain positive, so the bearish bias is mainly tactical: if ETF outflows slow and basis-trade dynamics ease, the market could transition from a withdrawal-driven downtrend to a consolidation/recovery phase.