Spot Bitcoin exchange-traded funds (ETFs) have recorded net outflows for ten straight trading days, with withdrawals exceeding $2.97 billion since May 15, breaking a previous record streak. Crypto analytics firm Santiment Intelligence suggests this sustained exodus could indicate ‘peak fear’ among investors and may signal an approaching market bottom, drawing a parallel to a similar pattern from late 2025. Meanwhile, spot Ether ETFs have seen outflows for 14 consecutive sessions, while spot Hyperliquid ETFs have bucked the trend with consistent inflows since their launch.
Spot Bitcoin ETFs have experienced ten consecutive days of net outflows, with total redemptions surpassing $2.97 billion since May 15. The steepest single-day outflow was $733 million, contributing to a roughly $10 billion decline in total net assets over two weeks.
This streak broke the previous record of eight consecutive outflow sessions recorded early last year. Spot Bitcoin ETFs have become a major gauge of institutional demand since their US launch, where large inflows signal optimism and outflows reflect de-risking.
Crypto analytics firm Santiment Intelligence argued the sustained outflows may suggest the market bottom is nearing. “History has shown that extreme ETF outflows typically work well as a contrarian indicator, since prices move opposite to trader expectations,” Santiment wrote.
In a post on X, the firm stated that such outflows reflect ‘peak fear, frustration, or risk aversion’ among investors. It pointed to a nearly $904 million single-day outflow in November 2025, which occurred near a major market low before prices recovered.
Spot Ether ETFs have also logged outflows across 14 consecutive trading sessions from May 11. Daily redemptions ranged up to $130.62 million, resulting in a total net asset decline of roughly $2.6 billion over the period.
Conversely, spot Hyperliquid ETFs bucked the trend with inflows every session since launching on May 12. Cumulative net inflows crossed $100 million by May 28, with total net assets climbing from $1.87 million at launch to over $122 million.
