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Blackstone Crypto ETF Outflows Reach Largest in Three Months—Are Institutions About to Bail?

It’s said that this round of rebound is caused by institutions “buying, buying, buying,” creating a “bull market” driven by institutions. However, unexpectedly, leading institutions are turning their backs faster than flipping through a book, immediately switching to a selling mode. Blackstone Bitcoin ETF ($IBIT) had a net outflow of 3,581 Bitcoins on May 13, worth approximately $284.68 million at current prices, with a trading volume of $1.5 billion. This is the largest outflow in the past three months. On the same day, Blackstone’s ETH ETF ($ETHA) had a net outflow of 9,361 ETH, valued at about $21.1 million, with a trading volume of $420 million. Meanwhile, Blackstone’s staked ETH ETF ($ETHB) had a net outflow of 508 ETH, worth roughly $115,000, currently holding 287,599 ETH, of which 226,794 ETH are staked and 60,805 ETH are regular ETH. Is this record-breaking capital outflow a normal rebalancing for institutions or does it signal the end of this rebound?

Recent Capital Flow Trends

Overall Outflows Intensify

Single-day Anomalies: On May 13, the total net outflow of US spot Bitcoin ETFs was $96.14 million, the highest in nearly three weeks, with no ETF experiencing net inflows. Fidelity’s FBTC saw a single-day outflow of $91.39 million, and Blackstone’s $IBIT outflowed 3,581 Bitcoins (about $284.68 million), marking the largest single-day outflow in three months.

Monthly Trend Divergence: Despite a net inflow of $2.44 billion in April (a new high for the year), May saw a reversal. From May 1-4, there was a net inflow of $1.28 billion, but then funds rapidly withdrew, with over $400 million net outflow in the past week.

Institutional Behavior Divergence

Leading Products Under Pressure: As the largest ETF by scale (accounting for 60% of the industry), $IBIT’s massive outflow reflects short-term risk aversion among institutions, contrasting sharply with the strong net inflow of $2.2 billion in April.

Emerging ETFs Show Resilience: Morgan Stanley’s MSBT continued to see net inflows of $194 million in its first month since listing, with zero outflows, highlighting differentiated demand.

Core Drivers of Capital Outflows

Regulatory Risks Concentrated

Upcoming US Digital Asset Regulation Hearing (May 14): Market concerns that the bill may tighten custody compliance requirements or restrict leverage trading, prompting institutions to reduce holdings in advance.

Grayscale’s GBTC Continues to Bleed (Net outflow of $960 million since the start of the year): Compliance costs are being passed on, weakening investor willingness to hold.

Macroeconomic Environment Suppresses Risk Appetite

Interest Rate Reassessment: Recent hawkish statements from Fed officials (such as Collins supporting “long-term high interest rates”) have pushed up US Treasury yields, decreasing Bitcoin’s appeal as a zero-yield asset.

Liquidity Contraction: Globally, stock ETFs experienced redemptions of 337 billion yuan at the same time, with risk assets generally facing capital withdrawal pressures.

Market Structure Vulnerability Exposure

Leverage Liquidation Chain Reaction: Bitcoin repeatedly tested the $80,000 support level and failed, triggering approximately $1.5 billion in derivatives longs liquidations, intensifying spot selling pressure.

Institutional Arbitrage Behavior: Some fund inflows did not translate into actual buying but were hedged through options Gamma strategies (such as strike prices clustered around $75k), exacerbating price volatility.