Bitcoin Sees $2.43B Institutional Outflows in May, Worst Month of 2026

According to Wintermute OTC data, U.S. spot Bitcoin ETF net outflows totaled $2.43 billion in May, marking the worst monthly performance of 2026 and driving a 14 percent weekly decline below the $62,000 and $61,000 thresholds. Wintermute attributed the selloff primarily to coordinated capital exit by U.S. institutional allocators responding to macroeconomic headwinds, rather than localized panic or corporate liquidations.

Meanwhile, K33 Research flagged a contrarian long-term signal: more than 50 percent of Bitcoin's circulating supply is now underwater, a threshold historically associated with multi-year bear market bottoms. K33's analysis shows investors who accumulated spot tokens during prior cycles at similar supply-loss levels captured one-year forward returns ranging from 69 percent to 359 percent.