Bitcoin ETFs Bleed $4.3B Over 13 Days as Cramer Slams Saylor, Ether Sets Record

Bitcoin News

Spot Bitcoin exchange-traded funds have logged 13 consecutive sessions of net outflows running from May 15 through June 3, the longest losing streak since the products debuted in January 2024. Over that window, the funds shed roughly $4.33 billion and 59,351 BTC, reversing the recovery momentum built during April when net inflows reached $1.97 billion. The exodus dragged year-to-date flows back into negative territory after the cohort had narrowly clawed its way above water earlier in the spring. Lifetime cumulative inflows still hover near $55 billion, less than $10 billion below the high-water mark, signalling that long-term institutional positioning remains intact even as tactical allocators trim exposure.

The intensity of selling looks even more severe when measured in coin terms rather than dollars. The trailing 20-day window peaked at $5.42 billion and 73,080 BTC withdrawn from US spot products, both fresh records since launch. The seven-day and ten-day rolling windows similarly set all-time marks, registering 39,338 BTC and 42,941 BTC of net redemptions respectively. The sheer pace of coin-denominated outflows reflects how heavily basis-trade desks, market-neutral funds, and arbitrage participants are unwinding positions as funding rates compress and the cash-and-carry premium narrows alongside spot weakness across the futures curve.

Television commentator Jim Cramer added fuel to bearish sentiment with a pointed social-media post asking "who murdered Bitcoin?" — a remark widely interpreted as targeting Michael Saylor's accumulation strategy at Strategy, the corporate vehicle formerly known as MicroStrategy. The jab landed at a delicate moment for Saylor, whose firm now holds more than 843,000 BTC and faces simultaneous pressure across its common shares, preferred stock, and underlying treasury reserves. Cramer's contrarian crypto calls have a long track record of stirring debate, and the timing amplified existing skepticism around leveraged corporate Bitcoin balance sheets in a softening macro tape and a clear bear market regime.

Strategy this week disclosed it sold 32 BTC, generating approximately $2.5 million to help cover preferred-share dividend obligations. Although the disposal represents a microscopic fraction of total holdings, it marked the firm's first Bitcoin sale since 2022 and broke from a never-sell posture that Saylor had repeatedly emphasized across public appearances. Saylor framed the move as a routine liquidity exercise tied to capital rotating toward artificial-intelligence equities rather than any structural weakness in BTC fundamentals. Critics counter that Strategy's multi-year Bitcoin bet has underperformed the S&P 500 across the same horizon, well off the all-time high, fueling fresh debate over the treasury model.

The pressure extends well beyond Bitcoin itself. Spot Ethereum ETFs have now posted 17 consecutive days of net outflows, their longest losing streak on record since the products launched last year. The simultaneous bleed across the two largest crypto exchange-traded vehicles points to a broader risk-off rotation rather than asset-specific weakness. Capital appears to be reallocating toward AI semiconductor names and select equity benchmarks as macro positioning shifts ahead of the next round of central-bank rate guidance. Whether June flows stabilize will signal how durable institutional conviction remains across the digital-asset complex through the second half of the calendar year.

Performance among newer crypto products has fragmented sharply. The recently launched Hyperliquid ETF has continued to attract inflows since its mid-May debut, while the BNB-linked product has recorded only one positive session since listing. XRP and Solana altcoin funds show scattered inflows offset by outflows and several flat sessions, underscoring how selectively allocators are positioning across the spectrum. BlackRock's IBIT and a small cohort of peers remain modestly positive year-to-date, providing a thin layer of resilience inside an otherwise battered ETF complex now confronting its harshest sentiment backdrop since inception.

BTC trades near $62,806 after a 2.45% daily slide, with the Relative Strength Index plunging to 17.07 — deep into oversold territory and indicating capitulation-style positioning on the daily candlestick chart. Immediate support sits at $61,384, and a clean break would expose $55,545 and $52,496 as next defensive zones. The MACD signal remains bearish, aligning with the prevailing downtrend, while resistance overhead clusters at $63,868 followed by $65,977. A reclaim of $63,868 on rising volume would mark the first credible reversal trigger. Loss of $61,384 invalidates any near-term basing thesis and accelerates the path toward the mid-$50K liquidity pocket.