Investment vehicles tracking Bitcoin and Ethereum experienced a noticeable shift in capital flows recently, reversing a period of positive momentum. This change saw significant funds exiting these exchange-traded products, marking a turn in investor sentiment at the beginning of the week.
On May 6, 2025, spot Bitcoin and Ethereum ETFs saw a combined net capital outflow of $103.51 million, as reported by SoSoValue. This reversed the positive inflow trend seen in the U.S. market from April 28th to May 2nd.
Shift in Bitcoin ETF Investment Flows
The spot Bitcoin ETF segment was a key contributor to this outflow on May 6th. While the IBIT fund uniquely attracted $36.73 million in new investments, this was offset by substantial withdrawals from several other prominent ETFs. The most significant outflows were recorded from:
| ETF Ticker | Outflow |
| GBTC | $89.92 million |
| ARKB | $16.12 million |
| EZBC | $8.26 million |
| HODL | $8.07 million |
No capital movement was noted in the remaining U.S. spot Bitcoin ETFs. The total trading volume for these products reached $1.46 billion for the day, a decrease compared to the previous trading session. This downturn interrupted a three-day streak of net inflows into the sector.
Ethereum ETFs Also See Withdrawals
The U.S. spot Ethereum ETF market also experienced a net withdrawal of funds. Activity remained largely subdued for most products in this category, but a notable outflow from the FETH fund, amounting to $17.87 million, was the primary driver for the segment’s overall negative performance on May 6th. This followed a day of no capital movement on May 5th and contrasted with minor inflows recorded on May 1st and May 2nd.
Global Perspective and Market Context
In contrast to the U.S. market, Hong Kong’s spot Bitcoin and Ethereum ETFs reported no significant capital flow changes on the same day, indicating differing regional investor activity.
Analysts suggest these outflows from U.S. ETFs could stem from various factors. These may include a standard market correction following recent gains or investor reactions to broader geopolitical developments, such as reported tensions between India and Pakistan. Historically, the cryptocurrency market and its associated derivative products have often shown a correlation with traditional equity markets, which are typically sensitive to such external factors. However, an interesting divergence was observed this time: Bitcoin maintained its value and even exhibited some growth, demonstrating resilience despite the ETF outflows and surrounding market instability.
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