Spot Bitcoin ETFs See $145.6M Outflows for Second Day, Fidelity Leads
U.S. spot Bitcoin ETFs recorded net outflows of about $145.64 million on May 8, extending a two-day withdrawal streak. This shift suggests growing institutional caution after weeks of steadier inflows.
Flows by issuer showed Fidelity’s FBTC accounting for the majority of the outflows at $97.60 million. BlackRock’s IBIT followed with $27.22 million in net outflows, while Ark Invest’s ARKB posted $26.56 million in withdrawals. Among the tracked funds, Morgan Stanley’s MSBT was the only one with positive flows, adding $5.74 million.
The article notes that these spot Bitcoin ETFs flows have been a key barometer for institutional appetite since the funds’ launch in January 2024, when they attracted billions of dollars. Trader T did not cite a specific cause for the latest selloff, but analysts point to macro uncertainty, profit-taking after recent gains, and ongoing regulatory developments.
Bitcoin was trading around $62,000 on May 8, after earlier highs near $72,000 in late March.
For traders, two days of spot Bitcoin ETFs outflows are not a definitive reversal signal, but they can pressure near-term sentiment. If outflows persist, ETF-driven risk appetite may weaken; a return to inflows would likely support a more bullish outlook.
Bearish
The news points to a near-term risk-off signal for spot Bitcoin ETFs. A roughly $145.6M net outflow on May 8—especially when Fidelity’s FBTC accounts for most of it—suggests institutions are reducing exposure rather than adding to positions. Historically, when spot Bitcoin ETF flows turn negative for multiple sessions, traders often widen caution around BTC, leading to softer price follow-through even if the broader trend remains intact.
That said, the article itself stresses that two days of outflows is not enough to confirm a long-term reversal. In past flow-driven cycles, markets often stabilize when outflows pause and new inflows resume; that typically improves risk sentiment and can trigger short-covering or dip-buying.
For trading impact:
- Short-term: bearish bias—ETF-driven sentiment can weigh on BTC and increase volatility around key support.
- Medium/long-term: neutral-to-cautious—watch whether outflows persist beyond the current streak. A flip back to sustained inflows would reduce the bearish thesis quickly.