U.S. spot bitcoin exchange-traded funds extended their negative streak to an 11th consecutive day following monthly net outflows in May.
According to data from SoSoValue, the bitcoin ETFs posted $483.8 million in net outflows on Monday, led by $440.3 million exiting BlackRock's IBIT. The only net inflow of the day came from Morgan Stanley's MSBT, which added $6.14 million.
During the past 11 trading days of consecutive net outflows, the U.S. bitcoin funds shed a cumulative $3.45 billion. This is an extension of the negative flow trend seen in May, when the funds logged a monthly net outflow of $2.43 billion — the largest monthly outflow since November 2025.
"May's $2.43 billion ETF outflows were caused by rising inflation, higher Treasury yields, and fading hopes for interest rate cuts," said Andri Fauzan Adziima, Bitrue Research Institute's research lead.
The analyst said the dampened hopes for an improved macroeconomic environment have prompted institutions to withdraw funds from crypto ETFs and move to other assets, such as AI-related stocks.
"The ongoing outflows, now stretching over 10 straight days, point to clear market weakness," Adziima said. "I am being direct; this reflects sustained institutional caution and steady selling pressure. It is bearish in the short term and increases the risk of further downside."
Still, Adziima noted that the current negative trend is closer to a "prudent risk-off" move rather than a rejection of bitcoin.
BTC decline
Bitcoin fell further late Monday night to a low of around $70,200 before stabilizing at $70,750. It was down 3.6% in the past 24 hours, leading up to 1:00 a.m. ET, according to The Block's crypto price data.
Analysts attributed bitcoin's decline to ongoing tensions between the U.S. and Iran, as well as bitcoin treasury firm Strategy's recent BTC sale, which was a first in multiple years.
"MicroStrategy’s announcement on potential Bitcoin sales was poorly timed and created significant negative sentiment," Adziima said. "It damaged the corporate 'buy and hold' story and accelerated the recent decline."
Given the current bearish sentiment and continued ETF outflows, Adziima said he expects the crypto market to see more consolidation and test lower levels in the short-term.