Long-term holders are as steady as Mount Tai; ETF capital outflows are just short-term noise.

Crypto market news, the US spot Bitcoin ETF has now recorded 11 consecutive days of net outflows, marking the longest continuous negative trend since the product launched in January 2024. According to Crypto data, the recent redemption wave reached approximately $2.8 billion within nine trading days in May 2026, with the $1.26 billion weekly outflow in early May further intensifying pressure. Despite institutional investors showing an unusual withdrawal trend from Bitcoin ETFs, on-chain data indicates that long-term holders have hardly wavered. Two groups of investors react very differently to the same macro environment. Since its launch in January 2024, the cumulative net inflow of the US spot Bitcoin ETF has remained structurally positive, and the recent $2.8 billion redemption appears insignificant compared to the larger capital base. BlackRock's IBIT and Fidelity's FBTC, as the two largest funds by asset size, absorbed most of the recent redemptions. Despite the current redemption