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Fresh trading session data confirms a deep crisis of confidence among institutional investors in Bitcoin's further growth, specifically clients of investment giant BlackRock. Another confirmation of this skepticism was a tranche of 2,538 BTC, equivalent to $192.53 million, sent to the depository addresses of custodian Coinbase Prime before the start of the May 27 trading session.
The fresh disposal already represents more than 57% of the total daily outflow from the entire U.S. spot ETF market, which closed the previous day in the red by $333.71 million.
The new sales became a logical continuation of the prolonged May capital exodus. While in the first two weeks of the month the funds were still showing inflows, the following weeks turned into an uninterrupted series of liquidations, as a result of which total outflows exceeded several billion dollars, while Bitcoin's price corrected from a peak of $81,500 to $75,500 over the same period.
The systemic pessimism of BlackRock clients continues to have a domino effect on the rest of the market. Over the same 24 hours, Fidelity's FBTC lost $57.74 million, while Grayscale's GBTC lost $41.21 million.
High daily trading volume of $4.40 billion against the backdrop of a falling trend proves that major players are deliberately and systematically moving into cash.
Why Bitcoin skepticism can't stop growing
The change in investor sentiment toward Bitcoin ETFs is being linked to the heavy macroeconomic backdrop in the United States. Add to it a surge in inflation and the Middle East crisis that are keeping the yield on 30-year Treasury bonds at 5.20%.
Since the Fed, judging by current signals, does not appear to be planning rate cuts at all in 2026, institutions prefer not to take risks and continue to systematically withdraw money from the volatile crypto market while locking in profits.
Despite the local pessimism, the 13 U.S. Bitcoin ETFs still hold an impressive $98.40 billion under management, which accounts for 6.45% of Bitcoin's entire market capitalization. Of that amount, $60.75 billion belongs to IBIT.
The historic buffer of $56.75 billion in net inflows shows that major players are still deeply in profit relative to the purchase prices of previous years. However, until the U.S. Treasury yields begin to move lower, institutional capital will likely continue to maintain a defensive position.
Dan Burgin
