Bitcoin ETF outflow in May causes negative balance in 2026

The month of May shows a remarkable reversal in the US Bitcoin spot ETF market. Where the year started with positive inflows totalling over 57,000 BTC, the tally now stands at -6,940 BTC compared to 1 January 2026. The Bitcoin price is currently reacting at $69.600, a decline of 4.5% in the past 24 hours.

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From record inflow to negative territory

Analyst Darkfost shares on X a chart from CryptoQuant showing the cumulative net inflow into US Bitcoin ETFs per year. What stands out: in 2026 the curve looks very different from 2024 and 2025. Last year the market saw an almost uninterrupted upward line, while 2026 appears considerably more erratic.

The biggest blow comes in May. Within one month, the net position drops from +57,000 BTC to -6,940 BTC. That means that this year, more Bitcoin has flowed out of ETFs than has flowed in, compared to the start of the year. A clear signal that institutional investors are becoming more cautious or are reducing positions.

Deviating pattern compared to previous years

Darkfost points out that there is a visible correlation between the ETF flows and the Bitcoin koers. When money leaves the ETFs, the price typically follows downward. At the same time, he indicates that the dynamics of 2026 increasingly deviate from what we saw in 2024 and 2025. In those years, inflows built up steadily over the whole year, whereas 2026 peaked early and has been declining ever since.

Whether this is a temporary correction or the start of a longer outflow remains unclear. The market is under pressure anyway: the Ethereum price is also facing similar problems, with analysts warning of new lows. Investors will be closely monitoring ETF flows in the coming weeks as an indicator of sentiment in the broader crypto market.