That said, Bitcoin is down less than 2% over the past week despite the brutal outflows.
Relentless outflows
This week, Bitcoin ETFs started bleeding right out of the gate. On Monday, May 18, the funds experienced a massive gut punch, with $647 million being withdrawn in a single day.
Tuesday brought very little respite to the beleaguered cryptocurrency community, with an additional $331.05 million in outflows.
The bleeding slowed slightly by mid-week, dipping to a $70.47 million loss on Wednesday.
Throughout the week, the painful downward trend continued to persist.
Thursday and Friday capped off the trading week with back-to-back six-figure losses. The widely tracked products haemorrhaged a whopping $100.82 million and $105.19 million on these days, respectively.
Still massive
However, those who track Bitcoin ETF flows on a weekly basis should not miss the forest for the trees.
This week's $1.2 billion drawdown is undoubtedly severe, but the ETF products remain massive.
Total net assets across all U.S. spot Bitcoin ETFs are currently sitting at $98.87 billion.
These funds still control a substantial 6.49% of Bitcoin's entire global market capitalization.
Short-term institutional flows are, of course, highly reactive to current market turbulence caused by dropping rate cut odds as well as other headwinds that are affecting risk assets.
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