US-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) ended a five-day inflow streak that had brought in nearly $1.7 billion after Bitcoin fell below the $80,000 mark.
According to SoSoValue data, Bitcoin funds recorded $277.5 million in outflows on Thursday, the first day of net outflows seen in May.
The Fidelity Wise Origin Bitcoin Fund (FBTC) posted the largest outflows at $129 million, followed by BlackRock’s iShares Bitcoin Trust ETF (IBIT), which saw $98 million exit the fund, according to data from Farside.
The sudden shift in ETF flows coincided with increased volatility in Bitcoin’s price. BTC climbed above $82,000 on Wednesday before slipping below the crucial $80,000 threshold a day later.
Meanwhile, the Morgan Stanley Bitcoin Trust ETF (MSBT) stood out amid the broader sell-off, attracting $7.3 million in inflows on Thursday. Since its launch on April 8, 2026, the first spot Bitcoin ETF introduced by a US bank has yet to record a single day of outflows, Farside data shows.
MSBT has accumulated roughly 2,920 BTC so far, valued at approximately $232.6 million, with customer-held assets surging 557% since the fund’s debut.
The only other Bitcoin ETF to attract inflows on Thursday was the Grayscale Bitcoin Mini Trust ETF (BTC), Grayscale’s lower-fee spot Bitcoin fund launched alongside its flagship Grayscale Bitcoin Trust (GBTC).
The broader ETF outflows coincided with the Nasdaq debut of the 21Shares Canton Network ETF (TCAN), the first US-listed ETF aimed at providing direct exposure to Canton Coin, the native utility token of the Canton Network.
TCAN started trading on Nasdaq on Thursday and ended its debut session at $24.66, slightly below its opening price of $24.76, according to Nasdaq data. Meanwhile, Canton Coin declined 1.7% over the day and was trading at $0.145 at the time of writing, based on CoinGecko data.
The downturn in crypto markets sent the Crypto Fear & Greed Index back into “Fear” territory on Friday, with the indicator falling to 38 after briefly recovering to “Neutral” a day earlier.
Despite the pullback, sentiment remains notably stronger than in April, when the index averaged just 17, as Bitcoin has gained roughly 11% over the past month.
