Bitcoin ETFs See Record $2.97 Billion Outflows as Rising Oil Prices Weigh on Crypto Market

Bitcoin and the broader cryptocurrency market remained under pressure despite a strong rally in global equities, as record outflows from U.S. spot Bitcoin ETFs and surging oil prices dampened investor sentiment.

Global stock markets reached new highs on Monday, driven by continued enthusiasm for artificial intelligence (AI) investments. The MSCI All Country World Index rose 0.2%, while Asian equities gained 1.1%, setting a fresh record. Major technology-focused indexes in South Korea, Taiwan, and Japan also climbed to all-time highs as investors continued to favor AI-related stocks.

Nasdaq 100 futures advanced 0.6% after Nvidia announced plans to enter the Windows laptop market, intensifying competition with Intel and AMD. Meanwhile, SoftBank Group surged as much as 11%, supported by optimism surrounding its investments in OpenAI and Arm Holdings.

However, rising oil prices complicated the market outlook. Brent crude oil climbed above $93 per barrel as efforts to restore stability in the Strait of Hormuz stalled and U.S.-Iran ceasefire negotiations showed little progress. The increase in oil prices triggered broader concerns across financial markets and pushed Treasury yields higher.

Unlike equities, cryptocurrencies failed to benefit from the risk-on environment. Bitcoin dropped 4.6% over the past week, trading near $73,400. Ethereum also fell 4.6% to around $1,996, while Solana declined 3.7% and TRON lost a similar percentage. Dogecoin recorded a smaller weekly loss of 1.6%.

A major factor behind the weakness in crypto markets has been persistent ETF outflows. U.S. spot Bitcoin ETFs recorded their tenth consecutive day of net outflows, with investors withdrawing approximately $2.97 billion between May 15 and May 29. This marks the longest outflow streak since spot Bitcoin ETFs launched and surpasses the previous record set earlier in 2025.

Total assets held by U.S. spot Bitcoin ETFs declined from $104.29 billion to $94.17 billion during the same period. Spot Ethereum ETFs also experienced continued pressure, posting a 14-day outflow streak with roughly $2.6 billion leaving the sector.

One notable exception was Hyperliquid’s HYPE token. HYPE gained 18.7% over the past week, supported by consistent inflows into the recently launched U.S. spot HYPE ETF. Since its debut on May 12, the ETF has attracted inflows every trading day, pushing total net assets above $122 million.

With Bitcoin ETF outflows accelerating and oil prices remaining elevated, the macroeconomic support that fueled previous crypto rallies appears to be fading. Investors are closely watching whether institutional demand can recover and help stabilize the digital asset market in the coming weeks.