U.S. spot Bitcoin ETFs recorded $630.4M in net outflows on May 13, the worst single day since January 29's $817.8M exit. BlackRock's IBIT led with $284.7M in redemptions. The outflows snapped a five-week inflow streak that had pulled in $3.8B, driven by back-to-back hot CPI (3.8%) and PPI (6%) prints that shifted Fed rate expectations.
U.S. spot Bitcoin ETFs recorded $630.4M in net outflows on May 13, the worst single day since January 29's $817.8M exit. BlackRock's IBIT led with $284.7M in redemptions. The outflows snapped a five-week inflow streak that had pulled in $3.8B, driven by back-to-back hot CPI (3.8%) and PPI (6%) prints that shifted Fed rate expectations.
U.S. spot Bitcoin ETFs suffered $630.4 million in net outflows on May 13, the largest single-day exit since January 29, when funds lost $817.8 million.
BlackRock's IBIT bore the brunt at $284.7 million, followed by ARK's ARKB ($177.1M), Fidelity's FBTC ($133.2M), and Bitwise's BITB ($35.4M). Every major fund saw redemptions.
The sell-off was triggered by back-to-back inflation shocks: April CPI came in at 3.8% YoY (highest since September 2023) and PPI hit 6% (highest since February 2023), strengthening concerns the Fed may consider rate hikes this year.
The outflows reverse a five-week inflow streak that had pulled in roughly $3.8B through the week ending May 6. Smaller outflows had been building — $268.5M on May 7 and $233.2M on May 12 — before Wednesday's acceleration.
Despite the headline number, analysts characterized the move as profit-taking rather than a structural shift. Peter Chung, head of research at Presto Labs, called it 'healthy consolidation,' noting that higher prices incentivize some institutional cohorts to lock in profits.
Context: The January 29 $817.8M outflow was followed by renewed inflows, and the current setup coincides with Strategy's STRC ex-dividend date on Friday — a mechanism that has fueled mid-month BTC buying rallies for three consecutive months (4,467 BTC in January → 46,872 BTC in April).
A $630M ETF outflow looks alarming, but it's profit-taking off a $3.8B five-week streak — not a structural exit. Watch Friday's STRC ex-dividend for the next buying signal.
What most people miss: The outflows weren't driven by crypto-specific sentiment — they were a macro risk-off move triggered by the hottest inflation prints in years. The institutional thesis hasn't changed. IBIT still holds ~$55B+ in AUM, and the $630M represents roughly 1% of that. Meanwhile, Strategy's STRC mechanism — which has driven escalating mid-month Bitcoin purchases (4,467 BTC in Jan → 46,872 BTC in Apr) — hits its ex-dividend date Friday. The last three STRC cycles each catalyzed BTC rallies. If the pattern holds for a fourth month, the institutional selling wave could be met with structured buying within 48 hours.
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