A record 10-session, $2.97 billion outflow streak from spot bitcoin ETFs, coupled with a fresh rally in oil prices due to stalled U.S.-Iran ceasefire talks, has kept bitcoin at $73,389.38. This situation continues to put pressure on the wider crypto market, even as Wall Street’s AI trade drives global equities to new records during Asian trading on Monday. The MSCI All Country World Index saw a modest increase of 0.2% on Monday, while Asian equities surged by 1.1% to reach an all-time high. Notably, key tech indexes in South Korea, Taiwan, and Japan all achieved record levels, according to source. Nasdaq 100 futures saw an increase of 0.6% following Nvidia’s announcement of its entry into the Windows laptop market, positioning itself directly against Intel and AMD.
Meanwhile, SoftBank Group experienced a surge of up to 11% due to its holdings in OpenAI and Arm, setting the stage for the Japanese conglomerate to potentially become the most valuable listed company in the country. The atmosphere was intricately influenced by oil. Brent crude surged past $93 a barrel as attempts to reopen the Strait of Hormuz made minimal headway, while tensions in the Middle East remained high, resulting in a decline in Treasuries across the curve. Crypto was unable to keep pace with the equity rally. Bitcoin experienced a decline of 4.6% over the past week, settling at $73,397. Similarly, ether (also dropped 4.6%, now priced at $1,996. Solana saw a decrease of 3.7%, bringing its value to $81.89, while TRON’s TRX fell by 3.7%, as reported.
Spot bitcoin ETFs in the U.S. experienced a tenth consecutive day of outflows on Friday, with $2.97 billion withdrawn between May 15 and May 29, according to data. The streak has shattered the prior record of eight consecutive outflow sessions established in early 2025, highlighted by a staggering $733 million single-day exit on May 27, marking the largest outflow since January. Total net assets across U.S. spot bitcoin ETFs experienced a decline, dropping from $104.29 billion on May 15 to $94.17 billion by Friday. Ether ETFs are currently experiencing a prolonged outflow streak, now extending to 14 sessions, during which approximately $2.6 billion has been withdrawn from net assets.
Hyperliquid’s HYPE stood out as the sole exception among the top 10 cryptocurrencies by market value. The token surged by 18.7% over the last week, reaching $73.17. Meanwhile, the U.S. spot HYPE ETF, which debuted on May 12, has seen inflows in every trading session since its launch, pushing cumulative net assets to over $122 million by Friday. Crude’s bounce above $93, coupled with the stalled Iran deal, indicates that the macro lift crypto was anticipating is no longer clearly on the horizon. The ETF flows that fuelled last year’s rally have reversed direction for ten consecutive sessions.