US spot Bitcoin exchange-traded funds (ETFs) saw their first outflow day in May after a steady five-day inflow run totaling almost $1.7 billion, triggered by Bitcoin’s price slipping below the $80,000 mark. On Thursday alone, these ETFs registered outflows of $277.5 million, marking a shift in investor sentiment as the cryptocurrency experienced sharp price movements.
The largest outflows came from the Fidelity Wise Origin Bitcoin Fund (FBTC), which lost $129 million, closely followed by BlackRock’s iShares Bitcoin Trust ETF (IBIT) withdrawing $98 million. This reversal coincided with Bitcoin’s volatility, as it briefly climbed above $82,000 on Wednesday before dropping under $80,000 the following day. Despite the broader market pressure, Morgan Stanley’s Bitcoin Trust ETF (MSBT) remained an exception, posting modest inflows of $7.3 million and sustaining uninterrupted inflows since its launch earlier this year. MSBT’s assets have grown substantially, now holding nearly 2,920 BTC, valued at approximately $232.6 million.
Another Bitcoin fund that recorded inflows on the same day was Grayscale’s Bitcoin Mini Trust ETF (BTC), a low-cost option that complements its traditional Bitcoin Trust (GBTC). Meanwhile, the NFT and token markets saw limited movement as the 21Shares Canton Network ETF (TCAN)—the first US-listed ETF offering exposure to Canton Coin—made its Nasdaq debut. TCAN closed slightly below its initial trading price, aligned with a mild dip in Canton Coin’s value.
The crypto market mood soured further, reflected by a drop in the Crypto Fear & Greed Index to a “Fear” reading of 38 on Friday, down from a brief return to “Neutral” the day before. Although the index remains higher than April’s lows, which hovered around 17, the recent decline underscores continuing uncertainty despite Bitcoin’s overall approximate 11% price gain in the last 30 days.