BlackRock’s iShares Bitcoin Trust (IBIT) experienced a significant withdrawal, posting its second-largest daily outflow since launch as Bitcoin prices declined sharply below $75,000. On this day alone, IBIT saw net outflows totaling $527.8 million, driving total redemptions from U.S.-listed spot Bitcoin ETFs to $733.4 million according to data from Farside Investors.

This outflow intensified a broader trend across U.S. spot Bitcoin ETFs, which extended an eight-day streak of net redemptions. Over these consecutive trading sessions, investors pulled approximately $2.6 billion from such funds. Year-to-date, spot Bitcoin ETFs in the U.S. have shifted back into negative territory, reversing earlier gains in 2026. Current data from SoSoValue shows net outflows around $596 million for the year, with May alone accounting for roughly $2.1 billion—the largest monthly total so far.

Despite the heavy sell-off on this day, the figures remain below the worst recorded day for Bitcoin ETF outflows, which occurred in November 2025 when withdrawals reached around $866.7 million across multiple providers. The current decline in ETF inflows parallels weakening investor demand for Bitcoin more broadly. Analysts from CryptoQuant have highlighted $70,000 as a potential critical price support level if selling pressure persists.

Market watchers also point to a possible shift in institutional Bitcoin appetite. Much of the previously steady demand was supported by Strategy, the largest publicly traded Bitcoin holder. However, concerns are rising about Strategy’s capacity to maintain its Bitcoin purchases, especially if the company must meet upcoming dividend obligations. According to 10X Research, such financial pressures could prompt Strategy to reduce Bitcoin acquisitions, impacting the asset’s institutional backing.

The co-founder of Strategy, Michael Saylor, recently signaled a pragmatic stance on Bitcoin ownership, suggesting that strict adherence to a “never sell” position may prove counterproductive. This acknowledgment reflects an evolving strategy amid broader market volatility.

The ongoing outflows highlight growing uncertainty in the institutional segment of the Bitcoin market, raising questions about future demand and price stability for the leading cryptocurrency.