Bitcoin ETF Bloodbath Hits Wall Street

US spot Bitcoin ($BTC) ETFs recorded $635 million in net outflows on May 13, according to SoSoValue data, marking one of the largest single-day redemptions in recent months.

BlackRock's IBIT Takes the Biggest Hit

BlackRock's iShares Bitcoin Trust (IBIT) led the selloff, shedding approximately $285 million in a single session. The scale of the withdrawal is notable given that IBIT has consistently been the most actively traded spot Bitcoin ETF since its January 2024 launch. Despite the single-day hit, total assets under management across all US spot Bitcoin ETFs remained above $105 billion following the session, underscoring the broader industry's scale even amid short-term selling pressure.

The outflows come as Bitcoin has faced resistance near key technical levels, trading in the $79,000 to $80,000 range. Analysts have noted that ETF redemptions at this level likely reflect a mix of profit-taking and portfolio rebalancing rather than a fundamental shift in institutional sentiment. Larger single-day outflows have occurred before, including roughly $1 billion in February 2025 and around $672 million in December 2024, suggesting the May 13 figure, while significant, is not without precedent.

Ethereum ETFs Also Under Pressure

Spot Ethereum ($ETH) ETFs were not spared, posting $36.3 million in total net outflows on the same day. BlackRock's iShares Ethereum Trust (ETHA) accounted for a meaningful share of those exits. The parallel selling across both major crypto ETF categories points to broader caution among institutional investors rather than asset-specific concern.

The May 13 data adds to a more challenging 2026 backdrop for crypto ETF flows. After investors poured roughly $35 billion into crypto ETFs in each of 2024 and 2025, momentum has slowed considerably this year, with weak price performance and competition from other asset classes weighing on sentiment.

Sources:
Crypto Times: Bitcoin ETFs Post $635M Outflows, BlackRock Hit by $285M
ETF.com: Crypto ETF Boom Fizzles in 2026 After Two Blistering Years