BlackRock Bitcoin ETF Records Near-Record Outflows as BTC Falls Below $75K

US spot Bitcoin ETFs have slipped into negative territory year-to-date after $596 million in outflows were recorded, while near-record withdrawals were posted by IBIT and Bitcoin dropped below $75,000.

BlackRock’s spot Bitcoin exchange-traded fund posted its second-largest daily outflow on record as an eight-day redemption streak was extended by US Bitcoin funds during a sharp decline in the cryptocurrency below $75,000.

BlackRock’s iShares Bitcoin Trust (IBIT) recorded $527.8 million in net outflows on Wednesday, contributing to total withdrawals of $733.4 million from US spot Bitcoin ETFs for the day, according to data from Farside Investors.

The outflows marked the second-largest daily loss for IBIT since launch, coming in just below the fund’s record $528.3 million outflow recorded on Jan. 30, 2026.

The latest pullback extended an eight-day streak of net outflows from US-listed spot Bitcoin ETFs, with cumulative withdrawals reaching around $2.6 billion during the period.

The continued withdrawals come as several market indicators suggest weakening demand for Bitcoin, with analysts at CryptoQuant reiterating that the next major BTC price support level could emerge around $70,000 if selling pressure persists.

Bitcoin ETFs Return to Negative Flow Territory

The latest round of withdrawals has pushed US spot Bitcoin ETFs back into negative territory for the year, reversing the strong inflows recorded earlier in 2026.

US spot Bitcoin ETFs now show around $596 million in net outflows year to date, according to data from SoSoValue, with roughly $2.1 billion in withdrawals recorded in May alone, marking the largest monthly outflows so far this year.

Although near-record outflows were seen by BlackRock’s IBIT on Wednesday, total daily withdrawals across US spot Bitcoin ETFs still remained well below the worst day ever recorded.

According to data from Farside Investors, the sharpest sell-off was recorded on Nov. 13, when around $866.7 million in outflows was reported by the funds, with losses spread across nearly all issuers.

Analysts Warn of Institutional Demand Shift Amid Strategy Cash Concerns

Outflows from US spot Bitcoin ETFs are occurring as analysts warn of a potential shift in institutional demand, with weakening support from key corporate buyers also being pointed to by some market observers.

Much of that support is linked to Strategy, which is identified as the largest publicly listed holder of Bitcoin, according to crypto market intelligence platform 10x Research.

In an X post on Tuesday, analysts at 10x Research said that pressure could be faced by Strategy within months if dividend obligations must be funded, raising concerns that it may cease to function as a steady source of demand for Bitcoin.

Michael Saylor raised the possibility of selling Bitcoin in mid-May, stating that a rigid “never sell” approach could ultimately work against the very asset that Strategy is built to accumulate and hold.