What’s the Buzz?

Last week was a rollercoaster for Bitcoin Spot ETFs, as they saw a jaw-dropping $1.26 billion vanish into thin air! Yep, that’s the largest net outflow in three months. The crypto market just couldn’t catch a break, with prices tumbling down faster than a loose roller skate on a linoleum floor.

Breaking It Down

This sizable outflow is equivalent to what happened back in January, when investors collectively shrugged and pulled out $1.49 billion. It’s like the market decided it was a good time to pack up and leave for a vacation in the Bahamas.

Daily Scandals

Digging deeper, Monday alone witnessed a whopping $648.64 million flee from the Bitcoin Spot ETFs, marking the biggest daily drama since January 29. The rest of the week didn’t get any better—

• Tuesday: $331.05 million
• Wednesday: $70.47 million
• Thursday: $100.82 million
• Friday: $105.19 million

That’s a whole week filled with bad news! We’re talking about six whole trading days of funds looking for greener pastures. And get this—80% of the last ten days were nothing but red, making it a colorful disaster.

Who’s Losing Big?

Now, if we peek at individual performances, BlackRock’s IBIT was the heavyweight champion in withdrawals, as investors took out $1.01 billion more than they put in. In total, they’ve racked up cumulative inflows amounting to $64.77 billion, but the sad news is, they only have $61.09 billion left in net assets—6 times more than the next contender. Talk about a heavyweight fall!

Fidelity’s FBTC and Ark/21 Shares’ ARKB didn’t escape unscathed either, with net outflows of $111.5 million and $106.81 million, respectively. Other ETFs like Bitwise’s BITB, VanEck’s HODL, and Valkyrie’s BRRR all joined the outflow party, each shedding anywhere from $3 million to $10 million.

A Bright Spot?

Meanwhile, in a shocking twist, Morgan Stanley’s MSBT emerged as a brave hero in this saga with a tiny inflow of $1.11. And what about Grayscale GBTC & BTC, Hashdex’s DEFI, and Bitwise’s BTCW? They just sat there, doing absolutely nothing. Zero net actions—definitely not winning any popularity contests!

May’s Mayhem Continues

Adding insult to injury, Bitcoin Spot ETFs have now totaled a cool $1.00 billion in net outflows just for the month of May. Despite the drama, their total cumulative net inflows still manage to stand at $57.08 billion, with total net assets at a whopping $98.87 billion. A mixed bag, right?

Ethereum’s Turn to Cry

But wait, it’s not just Bitcoin feeling the sting! Ethereum ETFs aren’t exactly thriving either, suffering net outflows of $215.19 million last week. According to data, they’ve endured a brutal 10 consecutive trading days of outflows racking up to $471.1 million. Ouch! In this gloomy atmosphere, their cumulative inflows are at $11.62 billion, with net assets tagging along at $11.84 billion. That’s just 4.73% of Ethereum’s market cap, folks!

What’s Happening Right Now?

As we speak, Bitcoin is trading at $76,735, sporting a modest 1.75% gain for the day. Meanwhile, Ethereum has decided to flex a little with a value of $2,119 after a 2.78% rise. Will they recover or keep dancing in the red? Only time will tell!