U.S. spot Bitcoin ETFs experienced their largest single-day net outflow in over three months on May 13, with $630.4 million leaving the funds. According to data from Farside Investors, BlackRock’s IBIT led the redemptions with $284.7 million, followed by ARK Invest’s ARKB and Fidelity’s FBTC. Analysts linked the significant outflows to profit-taking and a broad risk-off shift following unexpectedly high U.S. inflation data.
U.S. spot Bitcoin ETFs recorded $630.4 million in net outflows on May 13, the largest daily exit in three months. Data from Farside Investors show BlackRock’s IBIT led losses with $284.7 million, followed by ARK Invest’s ARKB and Fidelity’s FBTC.
The move reverses a five-week inflow streak and marks the largest single-day outflow since January 29. Analysts attribute the shift to back-to-back U.S. inflation shocks that drove institutional retreat from risk assets.
April’s CPI came in at 3.8%, above expectations and the highest reading since September 2023. The following day’s PPI print of 6% was the highest since February 2023.
“A large part of the outflows was driven by this week’s U.S. inflation data, which significantly shifted market expectations around Federal Reserve policy,” said Illia Otychenko, Lead Analyst at CEX.IO. He noted the data triggered broad risk aversion, which by extension hit Bitcoin and caused elevated ETF outflows.
Otychenko also flagged rising bearish derivatives positioning as a further warning sign. “There has been increased deleveraging of long positions and a rising put/call options ratio, both suggesting bearish sentiment has been increasingly building,” he added.
Peter Chung, head of research at Singapore-based Presto Labs, cautioned against reading too deeply into the single-day figure. “Institutions are a diverse bunch… the resulting higher price may serve as a strong incentive for another cohort of investors to lock in profits,” he said, characterizing the activity as healthy consolidation.
On prediction market Myriad, users place just a 24% chance on the Strait of Hormuz blockade being lifted before June. They price an 84% chance of Bitcoin’s next move being a push to $84,000 rather than a collapse to $55,000.
Bitcoin is trading at $79,540, down 1.6% in the last 24 hours. The sell-off had been building for days, with the funds shedding hundreds of millions earlier in the week.
