The losses were entirely driven by Fidelity’s FBTC, which recorded $91.4 million in redemptions with no offsetting inflows across other issuers.
However, the trend shifted on May 14 as spot Bitcoin ETFs brought in $319.5 million in net inflows. BlackRock’s IBIT led the day with $232.9 million of new capital, followed by Fidelity’s FBTC at $36.1 million and smaller positive contributions from Bitwise’s BITB, Ark’s ARKB, and Valkyrie’s BRRR.
Grayscale’s GBTC also saw a modest inflow of $35.2 million, marking a notable break from its usual pattern of daily outflows.
The $319.5 million inflow on May 14 helped erase much of the damage from the previous session and kept the broader monthly flows in positive territory. It also marked one of the stronger daily performances in May so far, second only to May 2’s $674.9 million inflow.
The fluctuations over the two days highlight the sensitivity of Bitcoin ETF demand to short-term price movements and investor sentiment.
While May 13’s outflow appeared largely isolated to FBTC and did not trigger broader redemptions across other funds, the broad-based inflows on May 14 reflected renewed buying interest, particularly among institutional-focused products.
