US spot-Bitcoin exchange-traded funds hemorrhaged roughly $2.8 billion in net outflows from May 15 through May 28, marking nine consecutive sessions of investor withdrawals — the longest redemption streak since these products debuted in January 2024. The massive outflows signal waning enthusiasm for cryptocurrency investment despite broader market optimism.

These ETFs opened Bitcoin to mainstream investors through regulated vehicles, making their flows a barometer for crypto demand. However, Bitcoin traded around $73,650 on Friday, still down over 40% from its October peak, reflecting ongoing price weakness that has persisted since last year's market crash.

The ETF exodus contrasts sharply with surging equity markets. Both the Nasdaq and S&P 500 reached fresh highs Thursday, while Asia's Kospi and Topix climbed to new peaks. As Tony Sycamore of IG Australia noted, Bitcoin has grown disconnected from traditional risk assets, even ignoring President Trump's social media pledge to support crypto.

This sustained outflow pattern suggests institutional and retail investors are cooling on Bitcoin despite bullish signals elsewhere in financial markets. The divergence indicates crypto's struggle to regain momentum amid macroeconomic uncertainty.