BlackRock Bitcoin ETF Sees $317 Million Sell-Off as Crypto Market Faces Heavy Pressure

BlackRock’s spot Bitcoin ETF is once again under pressure after investors withdrew hundreds of millions of dollars during a broader cryptocurrency market decline. The recent sell-off highlights growing caution among institutional investors as Bitcoin and Ethereum prices continue to struggle with volatility.

According to data from Arkham Intelligence, investors in BlackRock’s iShares Bitcoin Trust (IBIT) sold approximately $317.1 million worth of Bitcoin this week. The withdrawals triggered additional outflows from wallets linked to the ETF, fueling concerns about weakening momentum in the crypto investment sector.

Despite the large-scale selling activity, BlackRock remains one of the largest institutional Bitcoin holders. The asset manager still controls nearly $64.34 billion in BTC, with an estimated average acquisition price of around $83,200 per coin.

Data from SoSoValue revealed that U.S. spot Bitcoin ETFs recorded total net outflows of roughly $290 million on May 15. Notably, none of the 12 approved spot Bitcoin ETFs reported positive inflows during the trading session. The broader weekly trend was even more significant, with nearly $1 billion leaving Bitcoin ETF products, officially ending a six-week inflow streak that previously attracted about $3.4 billion into the market.

The week started quietly with modest inflows of $27.29 million on Monday. However, market sentiment quickly shifted on Tuesday as Bitcoin ETFs experienced $233.25 million in withdrawals. Selling intensified further on Wednesday, marking the worst trading day of the week with massive outflows totaling $635.23 million.

Although Thursday briefly saw inflows of $131.31 million, the recovery was short-lived as another $290.42 million exited the funds on Friday. Meanwhile, U.S. spot Ethereum ETFs also recorded $65.65 million in net outflows, extending their withdrawal streak to five consecutive trading days.

The crypto market downturn also impacted Bitcoin’s price performance. BTC dropped more than 3% in 24 hours, falling below key support levels and sliding toward the $78,000 range after previously trading above $82,000. The sharp correction reportedly wiped out more than $500 million in leveraged bullish positions as traders faced heavy liquidations across the market.