TL;DR
- Flow Reversal: Bitcoin ETFs ended a five‑day $1.7 billion inflow streak with $277.5 million in outflows as Bitcoin dipped under $80,000.
- Fund Divergence: Fidelity and BlackRock led the outflows, while MSBT and the Grayscale Mini Trust were the only Bitcoin ETFs to post inflows.
- Market Sentiment: The debut of TCAN and a drop in the Fear & Greed Index to 38 highlighted a broader cooling in crypto sentiment despite Bitcoin’s 11% monthly gain.
The streak of steady demand for Bitcoin ETFs came to a halt on Thursday as US‑listed spot products recorded $277.5 million in outflows, breaking a five‑day run that had pulled in nearly $1.7 billion. The shift arrived as Bitcoin slipped under $80,000 after touching $82,000 the previous day, adding pressure to a market already showing signs of cooling momentum.
Fidelity and BlackRock Lead the Pullback in Bitcoin ETFs
The largest outflows of the session came from two of the most heavily traded Bitcoin ETFs. Fidelity’s FBTC saw $129 million leave the fund, while BlackRock’s IBIT followed with $98 million in outflows. The reversal marked the first daily red print for Bitcoin ETFs in May and reflected the sharp swing in Bitcoin’s price action as volatility picked up across the market.
MSBT and Grayscale Mini Trust Stand Out With Inflows
Not every product joined the downturn. The Morgan Stanley Bitcoin Trust ETF, MSBT, continued its streak of positive days with $7.3 million in inflows. Since launching on April 8, 2026, MSBT has grown its holdings to 2,920 BTC, valued at roughly $232.6 million, representing a 557% increase in assets. The Grayscale Bitcoin Mini Trust ETF also posted inflows, offering a rare bright spot on an otherwise negative day for Bitcoin ETFs.
New Canton Network ETF Makes Its Nasdaq Debut
The session also featured the debut of the 21Shares Canton Network ETF, TCAN, the first US‑listed ETF tied directly to Canton Coin. TCAN opened at $24.76 and closed slightly lower at $24.66. Canton Coin itself slipped 1.7% to $0.145, adding to the broader cooling trend that weighed on sentiment across Bitcoin ETFs and the wider crypto market.
Market Sentiment Slips as Fear Index Drops to 38
The broader downturn pushed the Crypto Fear & Greed Index back into “Fear” territory at 38 after briefly touching “Neutral” the day before. Even with the pullback, the index remains well above April’s average of 17, supported by Bitcoin’s 11% gain over the past month. Still, Thursday’s outflows underscored how quickly sentiment can shift for Bitcoin ETFs when volatility returns.
