U.S. spot Bitcoin ETFs recorded a total of $2.97 billion in outflows across 10 consecutive trading sessions. Rising oil prices and the stalled negotiations with Iran added further pressure on crypto markets. While global equities reached record highs in this environment, digital assets failed to join the rally.
Stocks hit records, crypto lags behind
During Monday’s Asian session, the MSCI All Country World Index rose 0.2%, while Asian equities climbed 1.1% to reach an all-time high. Technology indexes in South Korea, Taiwan and Japan also set fresh records at the same time.
Nasdaq 100 futures rose 0.6% after Nvidia announced that it would directly compete with Intel and AMD in the Windows laptop market. SoftBank, meanwhile, surged as much as 11% thanks to its investments in OpenAI and Arm, moving closer to becoming Japan’s most valuable publicly traded company.
Oil complicated the picture. Brent crude rose above $93 per barrel after attempts to reopen the Strait of Hormuz failed and tensions in the Middle East continued. This development weighed on Treasury bonds.
Crypto, however, could not keep pace with the equity rally. Over the past seven days, Bitcoin fell 4.6% to $72,800. Ethereum and Solana lost 4.6% and 3.7% over the same period, dropping to $1,996 and $81.89, respectively. TRON declined 3.7%, while Dogecoin slipped 1.6%.
10 sessions, $2.97 billion
Outflows from U.S. spot Bitcoin ETFs began on May 15, continued without interruption until May 29, and removed $2.97 billion from the market during this period. The streak surpassed the eight-session outflow run recorded at the beginning of 2025, marking a new record.
The single-session outflow on May 27 reached $733 million, the highest daily outflow figure seen since January. According to SoSoValue data, total net assets in U.S. spot Bitcoin ETFs fell from $104.29 billion on May 15 to $94.17 billion as of May 30.
The situation in Ethereum ETFs is even heavier. These funds have now seen 14 consecutive sessions of outflows, while roughly $2.6 billion in net assets has been erased over the same period.
The only bright spot: HYPE
While the broader picture remained this dark, Hyperliquid’s HYPE token moved in the opposite direction. HYPE rose 18.7% over the past seven days to reach $73.17, becoming the only asset among the top 10 cryptocurrencies by market capitalization to post a positive performance.
The U.S. spot HYPE ETF, which began trading on May 12, has recorded net inflows in every session since its launch. Its cumulative net assets exceeded $122 million as of May 30. Analysts link this interest to Hyperliquid’s strong growth in decentralized derivatives trading volume and protocol revenue.
The macro backdrop works against crypto
Oil remaining above $93 and the continued deadlock in the Iran nuclear agreement have removed the macro support crypto markets had been waiting for. ETF inflows, which fueled last year’s rally, moved in the opposite direction for 10 consecutive sessions, while there was no meaningful relief in bond yields.
The emerging consensus is that some institutional investors appear to have reduced their risk appetite. Whether Bitcoin can hold the $70,000 range and when ETF outflows will stabilize are among the key questions for the coming week.
