Bitcoin ETF Outflows Surge as BTC Struggles to Hold $80K

US spot Bitcoin ETFs recorded US$630.4 million (AU$870 million) in net outflows this week, as BTC swung around the US$80,000 (AU$110K) level.

According to SoSo Value, BlackRock’s IBIT led the selling with US$284.7 million (AU$393 million) in outflows. ARK 21Shares’ ARKB followed with US$177.1 million (AU$244 million), Fidelity’s FBTC lost US$133.2 million (AU$184 million), and Bitwise’s BITB shed US$35.4 million (AU$48.9 million).

The withdrawal was the sharpest session in a broader run of weaker Bitcoin ETF flows. The selling pressure had been building before Wednesday’s break with US$233.2 million (AU$322 million) in outflows on May 12 and US$268.5 million (AU$371 million) on May 7.

The Bureau of Labor Statistics reported that the Producer Price Index for final demand rose 1.4% in April and 6.0% from a year earlier, so there’s also pressure from macro factors and a weakened case for the Fed to cut rates this year. 

Related: Australia Eyes Crypto Tax Shake-Up as CGT Discount Changes Loom

Rotation Hits Bitcoin Funds

Flows outside Bitcoin were more modest, as Solana ETFs saw US$6.0 million (AU$8.3 million) in net inflows on May 13, led by US$4.9 million (AU$6.8 million) into GSOL and US$1.1 million (AU$1.5 million) into FSOL. 

21Shares’ Hyperliquid product also remained a small but closely watched altcoin vehicle. The issuer’s THYP page showed US$3.17 million (AU$4.37 million) in assets, a US$22.62 (AU$31.22) net asset value and a 0.30% management fee as of May 13. 

Bitcoin was trading at around US$80,927 (AU$111K) on Monday after trading as low as US$78,958 (AU$108K) over the weekend. It reached a high of US$81,974 (AU$113K) intraday. 

That range kept the US$80,000 area as the key short-term battleground for both spot traders and ETF allocators.

Read more: Saylor Shrugs Off Bitcoin Sale Concerns as Strategy Expands Capital Markets Ambitions