IBIT Records Massive Withdrawals as Bitcoin Tumbles Under $75,000 Mark
Bitcoin ETFs in the United States have entered negative territory for the year with $596 million in net withdrawals, driven by IBIT's near-historic redemptions amid Bitcoin's drop beneath $75,000.
The iShares Bitcoin Trust from BlackRock experienced its second-highest single-day redemption since inception as American Bitcoin exchange-traded funds continued an eight-day withdrawal pattern while the digital currency underwent a steep decline to levels beneath $75,000.
On Wednesday, the iShares Bitcoin Trust (IBIT) from BlackRock recorded net redemptions totaling $527.8 million, contributing to aggregate withdrawals of $733.4 million across all US spot Bitcoin ETFs for that trading session, based on figures provided by Farside Investors.
These redemptions represented the second-worst single-day performance for IBIT since its inception, falling just short of the fund's all-time record withdrawal of $528.3 million registered on Jan. 30, 2026.
This most recent downturn continued an unbroken sequence of eight straight trading sessions featuring net redemptions from spot Bitcoin ETFs listed in the United States, with total withdrawals accumulating to approximately $2.6 billion throughout this timeframe.
The persistent redemptions arrive as multiple market metrics suggest deteriorating Bitcoin demand levels, with CryptoQuant analysts maintaining their view that $70,000 may become the next significant BTC price support threshold should selling momentum persist.
Bitcoin ETFs flip back to negative territory
This recent surge in redemptions has driven US spot Bitcoin ETFs back to negative performance levels for the calendar year, erasing robust inflows observed during the earlier portion of 2026.
Data from SoSoValue indicates that US spot Bitcoin ETFs currently display approximately $596 million in net redemptions year to date, with the month of May independently representing around $2.1 billion in outflows, marking the most substantial monthly redemption figure recorded thus far in the current year.
Despite IBIT from BlackRock experiencing near-historic redemptions on Wednesday, aggregate daily withdrawals throughout US spot Bitcoin ETFs remained significantly beneath the all-time worst trading session on record.
Data from Farside indicates that the most severe sell-off occurred on Nov. 13, 2025, during which these funds experienced approximately $866.7 million in redemptions, with losses distributed among virtually all fund providers.
Analysts warn of institutional demand shift amid Strategy cash concerns
Redemptions from US spot Bitcoin ETFs are occurring while analysts issue warnings regarding a potential transformation in institutional Bitcoin appetite, with certain observers highlighting diminishing support from major corporate purchasers.
A significant portion of that institutional support is connected to Strategy, the publicly traded company with the largest Bitcoin holdings, according to crypto market intelligence platform 10x Research.
Through an X post published on Tuesday, analysts from 10x Research indicated that Strategy might encounter financial pressure in the coming months should the company need to satisfy dividend payment requirements, introducing the prospect that it may cease functioning as a reliable source of consistent Bitcoin demand.
In mid-May, Strategy co-founder Michael Saylor floated the prospect of liquidating Bitcoin holdings, noting that maintaining an overly inflexible "never sell" philosophy might eventually undermine the very digital asset the organization was established to acquire and retain.