By May 30, US spot Bitcoin ETFs had just closed out a record 10 consecutive sessions of net outflows, draining $2.97 billion from May 15 through May 29 according to SoSoValue data. That streak beat the prior record of eight consecutive outflow days set in early 2025. Total net assets across spot BTC ETFs fell from $104.29 billion to $94.17 billion over those two weeks, a $10 billion reduction in two weeks. ETH ETFs were running an even longer 14-session outflow streak with roughly $570 million drained since May 11.
What is driving the BTC and ETH ETF outflow streak?
The outflows reflect a combination of geopolitical risk-off from the ongoing Middle East conflict, BTC price weakness (the token fell from roughly $80,000 to $73,000 over the period), and fading rate-cut expectations that reduced the appeal of risk assets broadly. The largest single-day exit was approximately $733 million on May 27, the biggest daily outflow since January, with BlackRock's IBIT accounting for roughly $528 million of that total. When the largest Bitcoin ETF records its second-largest daily outflow in history, it signals institutional repositioning rather than retail panic.
What does the perpetual positioning picture show?
Perpetual contract data showed a heavy bearish tilt across the major trader segments as of May 30. PnL Champions (traders with $1M+ in cumulative PnL) reflected a bearish bias of approximately -0.47, with short exposure concentrated in BTC and ETH. Mega wallets ($5M+ in perpetual equity) showed a similar bias around -0.40. The one meaningful divergence was in the Rising Stars segment ($100K-$1M PnL), which maintained a modestly bullish bias of approximately 0.44, suggesting smaller speculative traders were positioning for a bounce while larger players stayed short.
What is HYPE doing differently from BTC and ETH?
Hyperliquid's HYPE token was the notable outlier, gaining approximately 18.7% in the week ending May 29 to trade around $73. Its US spot ETF, which launched May 12, logged net inflows in every single trading session since inception, lifting cumulative net assets above $122 million by May 30. While BTC and ETH were experiencing their longest outflow streaks on record, HYPE was attracting the opposite flow. This divergence is worth watching as a rotation signal within crypto, not a broad bullish signal for the asset class.
What is the stock market showing alongside the crypto weakness?
Equities told a different story. The Stock Fear and Greed Index sat around 60 (Greed) as of May 30, while the VIX held near 15.32, reflecting moderate and contained volatility. The S&P 500 had just completed its ninth consecutive week of gains heading into the Memorial Day weekend. The decoupling between equities near record highs and crypto in deep fear reflects the divergent macro sensitivities: equities are trading on AI earnings and labor market resilience, while crypto is trading on ETF flow dynamics and geopolitical risk appetite.
What should traders watch heading into June?
The record BTC ETF outflow streak ended at ten sessions on May 29. Historical analysis of Glassnode's 14-day moving average of flows suggests that prolonged outflow streaks have often coincided with local bitcoin price bottoms, though this is pattern recognition rather than a reliable trading signal. The key data events into June are the May BLS jobs report on June 5 and CPI on June 10. A strong macro backdrop could stabilise crypto sentiment if it reduces recession fears without reigniting inflation concerns.
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