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The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) ended their five-day winning streak on Thursday, amid bearish sentiment.

After attracting more than $1.6 billion earlier in May, as Finbold reported, the U.S. spot BTC ETFs closed May 7 with an outflow of $277.50 million, according to data from SoSoValue analyzed by Finbold on May 8. Despite this outflow, these funds collectively hold approximately $106.77 billion in Bitcoin at press time.

BTC spot ETFs daily flow. Source: SoSoValue

The U.S. spot Bitcoin ETFs registered their highest daily inflow in six days on May 1, at about $629.73 million. In the following days, investors gradually reduced their appetite for BTC, with some exiting the space.

BlackRock’s iShares Bitcoin Trust (IBIT) recorded a net cash outflow of $98.02 million on Thursday, reflecting a small sell-off after it had purchased BTC valued at over $1 billion over the past five days. Consequently, IBIT controls assets worth nearly $75.8 billion at press time.

IBIT daily flow. Source: SoSoValue

Meanwhile, Fidelity Wise Origin Bitcoin Fund (FBTC) has recorded two consecutive days of net cash outflows totaling $167.94, thereby ending its four-day inflow streak. As of publication, FBTC’s assets totaled $15.24 billion.

FBTC daily flow. Source: SoSoValue

What’s next for Bitcoin price amid mixed spot flow?

The notable cash inflows into U.S. spot BTC ETFs have signaled a potential resurgence in demand from long-term investors. At the same time, the supply of Bitcoin across all crypto exchanges declined by 9,832 BTCs, from 2,686,423 on May 1 to 2,676,591 on Friday, as per metrics from CryptoQuant.

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Bitcoin supply on all exchanges. Source: CryptoQuant

Amid a 0.37% decline in BTC supply across all exchanges and net cash inflows into U.S. spot ETFs, the flagship coin gained over 2% during the period, trading at about $80,180.

BTC/USD 7-day chart. Source: Finbold

However, the decline in demand from U.S. institutions has weighed down on BTC’s bullish momentum. Notably, the BTC price teased a drop below $80,000 on Friday after being rejected above $82,000 earlier this week, as Finbold analyzed.

As a result, BTC traders must closely monitor the flow of these funds to gauge whether Thursday’s outflows mark a temporary pause or the beginning of a broader reversal.

The post BTC spot ETFs snap five-day inflow streak – What’s next for Bitcoin price? appeared first on Finbold.