$BTC Bitcoin ETFs break May inflow streak as investors withdraw $85.7 million on May 6

The streak of inflows spot Bitcoin ETFs saw in May was broken on May 6 with an $85.7 million outflow.

Before this reversal, ETFs saw $422.5 million in inflows on May 1, $674.9 million on May 2, and another $425.5 million on May 5. These inflows were mostly driven by BlackRock’s IBIT, which continued to dominate other ETF products.

The inflows in early May continued the bullish momentum established in the second half of April, crowned by BlackRock’s IBIT surpassing 3% of Bitcoin’s supply after a record $970.9 million inflow on Apr. 28.

However, although the $85.7 million outflow was significantly smaller than the flows we saw last week, it still marks a departure from the bullish inflows.