US spot Bitcoin ETFs recorded net outflows in each of six trading sessions from May 15 through May 22, totalling $1.26 billion across 11 funds, according to Farside data. As reported by Crypto.news, Fidelity's Wise Origin Bitcoin Fund led individual redemptions within this streak, while BlackRock's IBIT saw outflows on multiple sessions. Morgan Stanley's MSBT attracted positive flows on some days during the period. The current outflow streak continues as Bitcoin faces continued pressure from weak US demand, with the cryptocurrency retreating below $77,000 at the Wall Street open on Friday.
Bitcoin's decline contrasts sharply with the US stock market's strong performance, as the Dow Jones Industrial Average hit fresh all-time highs during Friday's trading session. According to TradingView data, BTC/USD retreated nearly 1.2% on the day, continuing a trend where US trading sessions have pressured crypto markets throughout the week. The S&P 500 and Nasdaq 100 also coiled below new record high levels, with the divergence highlighting Bitcoin's vulnerability to US market sentiment. As noted by Mosaic Asset Company, the average stock has been diverging negatively to major indexes, though an oversold breadth condition is forming that could spark a near-term rally.
Analytics firm Santiment argues that sustained ETF outflows historically correlate with conditions favorable for patient accumulation rather than panic. According to their published report, the firm stated that ETFs disproportionately reflect retail conviction rather than smart money positioning, making large outflows a counter-signal. Santiment noted that Bitcoin was trading at $75,410 when their report was published, down from a May high of $79,052 reached on May 16. The current market conditions reflect retail investor sentiment rather than institutional positioning, with the streak resembling what Santiment describes as a healthy market reset after Bitcoin failed to hold the $80,000 level.
Despite Bitcoin's decline, onchain data suggests whale accumulation may be creating buying opportunities. As reported by CryptoQuant, the Coinbase Premium Index continues to circle monthly lows, indicating weak US demand, while pseudonymous commentator Exitpump noted that Binance traders are "stepping in" as buyers. Trader CW highlighted that "the negative value of the $BTC Coinbase Premium is growing larger," with US investors unable to keep up with Binance's buying power. CW suggested that Bitcoin whales utilizing negative premiums to accumulate at lower prices may mean current prices represent a buying opportunity, as whales typically use such conditions to build positions.
