US spot Bitcoin ETFs recorded heavy outflows over six straight trading sessions from May 15 to May 22, with investors pulling out a total of about $1.26 billion across 11 funds.
Despite the large withdrawals, crypto analytics firm Santiment believes the trend could actually be a positive signal for long-term investors rather than a warning sign.
According to Santiment, periods of sustained ETF outflows have historically created good opportunities for patient investors to accumulate Bitcoin before major recoveries.
The firm argued that ETF flows often reflect retail investor emotions more than institutional “smart money” activity. In its view, the recent withdrawals show growing impatience among smaller investors after Bitcoin failed to stay above the $80,000 level.
At the time of the report, Bitcoin was trading around $75,410, down from its May 16 high near $79,052.
Data showed that Fidelity Investments’s Wise Origin Bitcoin Fund experienced some of the largest outflows during the streak.
Meanwhile, BlackRock’s IBIT fund also recorded multiple days of withdrawals, although some products like Morgan Stanley’s MSBT still attracted inflows during parts of the period.
Analysts noted that Bitcoin ETFs had previously experienced nearly $9 billion in outflows between October 2025 and February 2026 before recovering much of those losses later.
Santiment believes the current situation resembles a normal market reset rather than the start of a major collapse.
However, the firm also warned that if Bitcoin falls below $74,000, the current outflow trend may no longer be viewed as a bullish accumulation signal and could instead point to deeper market weakness.
