U.S.-listed spot Bitcoin exchange-traded funds posted approximately $208.1 million in net outflows on May 18, extending the sector’s recent streak of institutional withdrawals amid broader weakness across digital asset markets. The latest outflows came as Bitcoin traded near the $76,000 level following a sharp multi-day correction across crypto markets.
According to ETF flow data compiled by Bitbo and other market trackers, Ark 21Shares’ ARKB recorded the largest single-day withdrawal at approximately $110.1 million. Fidelity’s FBTC saw around $38.5 million in net outflows, while Grayscale’s GBTC posted another $43.5 million in redemptions. Bitwise’s BITB experienced roughly $9.2 million in outflows, and Franklin Templeton’s EZBC lost approximately $6.6 million during the session.
No major Bitcoin ETF recorded meaningful inflows during the trading day, underscoring continued institutional caution as macroeconomic pressures intensified. Bitcoin briefly fell below $76,700 during the session, marking its lowest level in roughly two weeks before stabilizing modestly higher late in trading.
The May 18 outflows followed an already difficult week for crypto investment products. Industry reports showed digital asset exchange-traded products experienced approximately $1 billion in cumulative outflows over the previous week, ending a six-week inflow streak that had supported Bitcoin’s earlier rally above $80,000.
Analysts attributed the persistent outflows primarily to rising bond yields, inflation concerns, and broader geopolitical uncertainty that weakened demand for risk assets globally. Several firms noted that institutional investors continued reducing exposure to volatile assets as expectations for prolonged higher interest rates strengthened.
Institutional Risk Appetite Weakens
The latest ETF withdrawals represented a significant reversal from the strong inflow environment seen throughout April. U.S. spot Bitcoin ETFs attracted approximately $2.44 billion in net inflows during April 2026, the strongest monthly performance of the year, driven largely by institutional accumulation through BlackRock’s IBIT and Fidelity’s FBTC products.
Market participants increasingly view ETF flows as one of the most important indicators of institutional sentiment in crypto markets. Since the launch of spot Bitcoin ETFs in the United States, daily flow activity has become closely tied to Bitcoin price momentum and broader liquidity conditions across digital asset markets.
Despite recent outflows, total assets under management across U.S. spot Bitcoin ETFs remain above $100 billion, highlighting the scale of institutional participation that has entered the market since ETF approvals in early 2024. Analysts noted that even periods of large outflows remain relatively small compared with the cumulative capital that has flowed into Bitcoin ETFs over the longer term.
Several analysts argued that the current correction reflects macro-driven portfolio rebalancing rather than a structural collapse in institutional demand for digital assets. However, continued ETF outflows could increase short-term selling pressure if broader financial conditions continue deteriorating.
Ethereum ETFs Continue Underperforming
Ethereum-linked ETFs also faced sustained selling pressure on May 18. U.S. spot Ethereum ETFs recorded approximately $86.4 million in net outflows, extending their losing streak to six consecutive trading sessions. BlackRock’s ETHA and Fidelity’s Ethereum products reportedly accounted for a significant portion of the withdrawals.
The divergence between Bitcoin and Ethereum institutional flows has widened throughout 2026 as investors increasingly treat Bitcoin as the dominant macro digital asset allocation. Ethereum has continued underperforming Bitcoin despite growing institutional interest in tokenization and decentralized finance infrastructure.
Crypto markets broadly remained under pressure as leveraged liquidations accelerated across derivatives exchanges. Analysts estimated that total crypto liquidations exceeded $650 million over the previous 24 hours as traders unwound bullish positions following Bitcoin’s drop below key technical support levels.
Market observers said upcoming inflation data, Federal Reserve guidance, and ETF flow trends will likely remain the primary drivers of short-term crypto market direction in the coming weeks.
