US-listed spot Bitcoin ETFs extended their sell-off Wednesday to a record 13 consecutive trading days as Bitcoin demand continued to weaken.
Spot Bitcoin ETFs posted $396.6 million in net outflows on Wednesday, bringing cumulative withdrawals to roughly $4.4 billion since the streak began, according to data from SoSoValue.
The current run exceeds the previous record of eight consecutive trading days of outflows in February 2025, which saw roughly $3.2 billion exit the funds.
Bitcoin has fallen about 21% to $63,400 from $80,000 since May 15, according to CoinGecko. Analysts point to weakening ETF demand, long-term holder selling, and miner pressure as possible drivers.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for the bulk of redemptions during the 13-day streak, recording about $3.3 billion in outflows according to Farside Investors data, representing roughly 75% of total withdrawals. Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC) was the second-largest contributor with about $456.6 million in outflows, followed by Grayscale's Grayscale Bitcoin Trust ETF (GBTC) at roughly $303.6 million.
Over the past 30 days, US spot Bitcoin ETFs have shed 51,726 BTC in outflows, or nearly $5 billion, according to WalletPilot data. As of Tuesday, IBIT held about 786,800 BTC, followed by FBTC with 181,770 BTC and GBTC with 146,400 BTC.
Bitcoin's recent outflows and price decline come amid a sharp contraction in demand comparable to the post-Terra/Luna collapse period in 2022, according to CryptoQuant head of research Julio Moreno. Overall demand has dropped by about 501,000 BTC over the past month, marking the fastest monthly drop since May 2022.
Industry observers are divided on what is driving the selling pressure. Bloomberg ETF analyst Eric Balchunas said long-term institutional buyers, including Bitcoin ETFs and Michael Saylor's Strategy, have remained net accumulators. "Forget the boomers, someone needs to 'call the OGs' - they are behind this," Balchunas said.
CryptoQuant founder Ki Young Ju said recent selling by early Bitcoin holders and miners reflects a broader transfer of supply to US institutions, including ETFs and traditional investors. Despite the outflows, Standard Chartered head of digital assets research Geoffrey Kendrick said in a Thursday statement that Bitcoin ETF holdings have remained broadly stable since February, suggesting more structural resilience than previously expected.