May 29 marked the first time spot Bitcoin ETFs in the U.S. experienced net outflows after a 10-day streak of continuous inflows. This net outflow of 347 million dollars occurred simultaneously with Bitcoin dropping more than 3.5% in one day – from a peak of $108,850 to below $105,000.
For long-term coin holders, the scene of 'cash out' or 'SEC delay' is nothing new. But the question that needs to be raised is: Is there something special this time? And why is BlackRock going against the tide?
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📌 Cash flow dynamics – who is withdrawing, who is adding more?
Data from CoinGlass clearly shows the polarization:
• Fidelity Wise Origin Bitcoin (FBTC) experienced the largest outflow: losing 166 million dollars.
• Grayscale Bitcoin Trust (GBTC) comes in second with 107.5 million dollars withdrawn.
• Other ETFs like Bitwise, Ark 21Shares, Invesco, Franklin Templeton, and VanEck also experienced outflows.
• CoinShares, WisdomTree, and some smaller Grayscale funds: remaining steady with neither withdrawals nor deposits.
• But most notably: BlackRock – added another 125 million dollars to the iShares Bitcoin Trust (IBIT).
In other words, while the crowd is withdrawing, BlackRock continues to accumulate. This is not the first time they have done so – IBIT has seen 34 consecutive days of inflows, without a single day of outflows since April 9.
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📊 What game is BlackRock playing?
Since the beginning of May, BlackRock alone has attracted over 4 billion dollars in just two weeks. The IBIT fund's assets now exceed 70 billion dollars, and the total accumulated inflow since its launch has reached 49 billion dollars – a figure that shows the ETF 'game' is no longer a fair race.
Notably, in the last 5 weeks, over 9 billion dollars flowed into spot Bitcoin ETFs, while gold ETFs saw nearly 3 billion dollars withdrawn. It can be said that institutional cash flow is gradually choosing sides.
But choosing a side doesn't mean there won't be a shakeout. The sudden appearance of a mass withdrawal – even if just in one day – is enough to create a panic effect. Inexperienced traders might have cut losses while the sharks are still... calmly adding positions.
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🔍 Ether ETFs – the contrarian
While Bitcoin ETF experienced outflows, Ether ETF, on the contrary, continues its inflow streak for 10 consecutive days.
Specifically on May 29:
• Ether ETFs attract an additional 92 million dollars.
• BlackRock's iShares Ethereum Trust (ETHA) alone attracted 50 million dollars, bringing the total inflow to 4.5 billion dollars since its launch in July 2024.
The more interesting point is: the SEC has recently officially clarified its stance – staking is not considered a securities-related activity. This removes one of the last barriers for Ether ETF to become attractive to institutions.
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📣 So, is a net outflow in one day concerning? Or is it a psychological test?
The important question is not 'why is the cash flow out?', but rather:
• Who is accumulating while everyone else is selling?
• Why is only BlackRock daring to go against the tide?
• Is this a sign of a top distribution, or a 'test of hands' before the next rise?
ETF cash flow reflects institutional sentiment – but institutions don't act like retail. They don't FOMO, nor do they fear losing trades. And when they are accumulating while the market is fearful, traders need to stay alert to avoid being washed out.
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🧠 DolugCrypto's perspective:
Don't let a single day of net outflow erase all long-term confidence. The ETF game has just begun, and clearly, the 'BlackRock players' are more steadfast than the rest.
If you are a trader, you need to ask yourself:
• Do you trade based on charts or headlines?
• Do you react to FUD or follow a strategy?
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💬 Do you think ETF cash flow will recover next week, or will there be more tests ahead?
👉 Comment your perspective. Follow for real-time analysis and insights that don't chase FOMO every day!
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