Spot Bitcoin ETFs see record 10-day outflow streak, analyst calls it ‘contrarian indicator’

Spot Bitcoin exchange-traded funds (ETFs) have logged outflows for ten consecutive trading days, with total net redemptions exceeding $2.97 billion since May 7, a streak that one analyst says may signal a market bottom is near.

According to data from SoSoValue, daily outflows ranged from $70 million to $733 million across the period, with the steepest single-day exodus recorded on Wednesday at $733.43 million. Total net assets held across spot Bitcoin (BTC) ETFs have dropped from $104.29 billion on May 15 to $94.17 billion as of Friday, a decline of roughly $10 billion in two weeks.

The current streak surpassed the previous record of eight consecutive outflow sessions recorded in early last year, which saw $3.2 billion in withdrawals.

Spot Bitcoin ETFs have become a major gauge of institutional demand since their US launch. Large inflows have historically signaled growing optimism and increased demand, while heavy outflows reflect fear and de-risking.

Bitcoin ETF outflows signal ‘peak fear’

Crypto analytics firm Santiment Intelligence said the sustained outflows may suggest the market bottom is nearing an end. “History has shown that extreme ETF outflows typically work well as a contrarian indicator, since prices move opposite to trader expectations,” Santiment wrote on X.

In a Friday post on X, the platform argued that when large amounts of money leave Bitcoin ETFs over a short period, it reflects ‘peak fear, frustration, or risk aversion’ among investors.

Source: Santiment Intelligence

The firm pointed to the nearly $904 million single-day outflow recorded in November 2025, which occurred close to a major market low before prices recovered. “Consider the massive level of money moving out as a sign that we are getting closer to the local bottom some patient investors have been waiting for,” it added.

Spot Ether ETFs see 14-day outflow streak

Spot Ether (ETH) ETFs have also been caught in the broader selloff, logging outflows across 14 consecutive trading sessions from May 11 to Friday. Daily redemptions ranged from $5.65 million to $130.62 million, with the steepest single-day exit recorded on May 12 at $130.62 million. Total net assets fell from $13.85 billion on May 11 to $11.27 billion on May 29, a decline of roughly $2.6 billion over the period.

Meanwhile, spot Hyperliquid (HYPE) ETFs bucked the trend, logging inflows every single session since launching on May 12. Cumulative net inflows crossed $100 million by May 28, with total net assets climbing from $1.87 million at launch to $122.20 million in just over two weeks.