American investors are dumping their Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) as the coin continues to underperform the stock market amid the artificial intelligence boom.
IBIT Leads Spot Bitcoin ETF Outflows
Data shows that Bitcoin ETFs suffered a harsh reversal in May this year. After adding $3.2 billion in March and April, all spot Bitcoin ETFs shed over $2.43 billion in May. That was a big reversal as the funds added $1.6 billion in the first six days of the month.
Bitcoin funds lost over $1.42 billion this week after losing $1.26 billion and $1 billion in the previous two weeks. These funds have had $55.6 billion in cumulative inflows and now hold $94 billion in assets.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) has led these outflows. IT lost $68 million on Friday, bringing its cumulative inflows to over $63 billion in assets. Fidelity’s FBTC lost $31.95 million, while Grayscale’s GBTC and Grayscale’s BTC lost $2.85 million and $9.74 million.
May’s $2.43 billion outflows was the worst performance this year after January’s $1.6 billion.
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