U.S.-led $1.14B outflows test Bitcoin ETF demand

U.S. investors withdrew $1.14 billion from crypto exchange-traded products last week, CoinShares reported. Bitcoin products accounted for $982 million of the outflows and Ethereum products lost $249 million. Total crypto ETP assets under management fell to $157 billion from $159 billion. CoinShares described the week as the first net outflow in seven weeks and the third-largest weekly withdrawal of 2026.

CoinShares linked the reversal to Iran-related escalation that pushed Brent crude above $110 and raised Treasury yields. The 10-year Treasury yield climbed to about 4.687% before settling near 4.65%, and the 30-year reached about 5.13%. Market-implied futures placed roughly a 40% chance of a 25-basis-point Federal Reserve hike in December and about a 14% chance of a 50-basis-point move. U.S. spot Bitcoin ETF redemptions totaled nearly $1 billion during the week.

Bitcoin closed the week down about 4.6% and was trading near $77,000 on May 19. Bitfinex identified $80,000–$83,000 as a resistance zone and described a shorter-term trading corridor of $72,000–$80,000. On-chain analytics firm Glassnode identified immediate support near $76,900 on a 30-day cost basis and near-term resistance around $86,900. Glassnode reported the Realized Cap 30-day net position change had recovered to about $2.8 billion per month, below the $10 billion-plus monthly inflows seen in stronger bull-market expansions.

Flows outside the U.S. showed a different pattern. Switzerland, Germany, the Netherlands and Canada recorded net inflows while global flows put XRP at $67.6 million and Solana at $55.1 million in net inflows. Can-Luca Köymen, investment strategist at Sygnum Bank, wrote: “Strip the US out and the picture flips: Switzerland, Germany, the Netherlands, and Canada all recorded net inflows. XRP took in $67.6 million globally, Solana $55.1 million, and 11 individual assets attracted meaningful inflows.” Köymen added that some Bitcoin redemptions reflected profit-taking by investors who booked gains after April.

Derivatives and funding data showed mixed signals. Selected altcoin perpetual funding rates turned positive, while Bitcoin and Ethereum funding rates remained negative but showed signs of recovery. Analysts pointed to progress on the CLARITY Act as a factor supporting a constructive regulatory backdrop at the margin.

Market participants identified the next CoinShares report and daily U.S. spot Bitcoin ETF flow data as the clearest indicators of whether weekly redemptions continue or stabilize.