U.S. spot Bitcoin ETFs posted roughly $1 billion in net outflows for the week ending May 16, ending a six-week consecutive inflow run, according to SoSoValue data. The reversal was concentrated on a single session: May 13 saw $635.23 million exit the funds in one day — the largest single-day outflow since late January — with BlackRock's IBIT alone shedding $284.69 million, ARK's ARKB $177.1 million, and Fidelity's FBTC $133.22 million. On May 15, a further $290 million left the products, with none of the 12 tracked funds recording a net inflow that day.
Spot Ethereum ETFs followed the same direction, posting approximately $255 million in weekly net outflows over the same period, per SoSoValue.
The withdrawals coincided with Bitcoin falling below $77,000 for four consecutive days — a two-week low. At the time of the flash leg down, BTC was hovering between $76,000 and $76,500, pressing against the 50-day EMA at $76,716. The 200-day EMA at $83,513 represents overhead resistance the market had not yet reclaimed. The four-day streak of losses erased the price gains that had followed the CLARITY Act's Senate Banking Committee advance on May 14, which had briefly lifted sentiment before macro forces reasserted themselves.
The leveraged market was caught exposed. According to Coinglass data, the 24-hour window surrounding the break below $77,000 produced $657 million in total crypto liquidations, of which $584 million came from long positions — a lopsided wipeout confirming that bullish leverage had been heavily crowded entering the drawdown. The Fear and Greed Index fell to 29 (fear) from a neutral 50 just days prior.
The macro catalyst is documentable. U.S. Treasury yields surged last week in a global bond rout: the 10-year yield hit its highest level in 15 months, closing near 4.60%, while the 30-year bond yield rose to 5.133%, its highest in almost a year, per CNBC sourcing Treasury data. Rising long-end yields tighten financial conditions for risk assets, and analysts at 21Shares described the dynamic directly: "The Fed's decision to keep rates steady wasn't the shocker, but those three dissenters calling for a strike on any easing guidance threw a bucket of ice on the market's pivot party. Bitcoin is feeling it."
The six-week inflow streak had drawn more than $2 billion in April — the strongest monthly figure of 2026 — and had helped push BTC briefly above $82,000 in early May. That tailwind has now reversed. Analysts are watching $76,000 as the key line: a decisive break would open the path toward mid-$60,000 levels where BTC found prior support in April. For now, the question is whether last week's outflows represent a one-week shock driven by bond market volatility, or the start of a longer institutional pull-back.