U.S. Spot Bitcoin ETFs See $1.72B Outflow After Jobs Data

U.S. spot bitcoin exchange-traded funds recorded $1.72 billion in net outflows last week, the largest weekly withdrawal since February 2025, according to SoSoValue. BlackRock's IBIT represented $1.34 billion of the outflows, the biggest weekly redemption for the fund since its January 2024 launch.

The funds showed daily net outflows across the week except for Thursday, which registered a $3 million inflow. The weekly losses continued a negative trend from May, when spot bitcoin ETFs had $2.43 billion in net redemptions.

Andri Fauzan Adziima, research lead at Bitrue Research Institute, attributed the flows to macroeconomic headlines, noting the May 2026 nonfarm payrolls report ‘reinforced a resilient labor market, crushed near-term Fed rate-cut odds, and drove Treasury yields higher, making yielding bonds far more attractive than non-yielding bitcoin.' He also pointed to geopolitical uncertainty as a factor in broader risk-off activity.

Higher Treasury yields coincided with sharp declines in some Asian equity markets: South Korea's Kospi fell 8.29% at Monday's close, Japan's Nikkei 225 dropped 3.85%, and Taiwan's TAIEX declined 3.48%.

Bitcoin recovered over the weekend, briefly reaching about $64,000 before settling near $63,000. Market participants described the price move as an oversold relief rally following an earlier roughly 15% decline.

Adziima expects flows to remain under pressure in early June but forecasts stabilization or modest inflows later in the month if market risk sentiment eases and seasonality supports demand.

Spot bitcoin ETFs hold actual bitcoin and let investors gain exposure through regulated exchange-traded products. Fund flows are monitored as an indicator of institutional and retail demand; rising Treasury yields can reduce the relative appeal of assets that do not generate income.