Five-day Bitcoin ETF rally ends with $277.5M exodus as price falls below $80,000
Spot Bitcoin ETFs listed in the United States saw $277.5 million in withdrawals, ending a five-day run that brought in $1.7 billion, while Bitcoin's price dropped beneath the $80,000 mark.
Spot Bitcoin (BTC) exchange-traded funds listed in the United States concluded a five-day winning streak that accumulated close to $1.7 billion in net inflows as the cryptocurrency's price retreated below the $80,000 threshold.
According to data from SoSoValue, Bitcoin-focused investment funds registered $277.5 million in net outflows on Thursday, representing the first instance of daily withdrawals recorded in the month of May.
Data from Farside shows the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest withdrawals, totaling $129 million, with BlackRock's iShares Bitcoin Trust ETF (IBIT) experiencing the second-highest outflows at $98 million.
The dramatic turnaround in Bitcoin ETF flow patterns occurred during a period of increased price volatility for Bitcoin. The cryptocurrency climbed above the $82,000 level on Wednesday, only to retreat below the critical $80,000 support level on the following trading day.
Morgan Stanley's Bitcoin ETF continues positive streak despite widespread withdrawals
While most funds experienced outflows, the Morgan Stanley Bitcoin Trust ETF (MSBT), which holds the distinction of being the first spot Bitcoin ETF introduced by a traditional US banking institution, registered modest net inflows totaling $7.3 million on Thursday. Based on Farside data, the fund has maintained an unbroken streak of daily inflows since its market debut on April 8, 2026.
To date, MSBT has amassed a total of 2,920 BTC, representing approximately $232.6 million in value, reflecting a remarkable 557% expansion in assets under management for its client base since the fund's initial launch.
The Grayscale Bitcoin Mini Trust ETF (BTC), a cost-efficient spot Bitcoin ETF that Grayscale offers as a complement to its Grayscale Bitcoin Trust (GBTC), was the only other Bitcoin-focused fund to attract positive flows during Thursday's trading session.
Canton Network ETF experiences minor decline in inaugural Nasdaq trading session as underlying token weakens
The exodus from Bitcoin ETFs coincided with the Nasdaq market debut of the 21Shares Canton Network ETF (TCAN), which represents the first exchange-traded fund listed in the United States specifically structured to provide investors with direct exposure to Canton Coin, the native utility token powering the Canton Network.
According to Nasdaq trading data, TCAN commenced trading on the Nasdaq exchange on Thursday and finished its inaugural trading session at a price of $24.66, marking a slight decline from its opening price point of $24.76. Meanwhile, Canton Coin experienced a 1.7% decrease in value during the same period, with the token trading at $0.145 at the time of publication, based on data from CoinGecko.
The bearish sentiment pervading cryptocurrency markets drove the Crypto Fear & Greed Index back into "Fear" territory on Friday, registering a reading of 38 following a brief recovery to "Neutral" status on the preceding day. Despite this decline, the index remains considerably elevated compared to April levels, during which it posted an average reading of 17, while Bitcoin has appreciated approximately 11% throughout the past 30-day period.