Digital asset investment products lost $1.47 billion in a single week — the second straight week of outflows and the third biggest weekly draw in 2026 — as geopolitical risk linked to Iran collided with rising bond yields, softening equity markets and a weakening of the technical support structure that kept Bitcoin near $80,000 for most of the month, according to CoinShares’ latest digital asset fund flows report.
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Bitcoin bore the brunt. The asset saw outflows of $1.315 billion — Bitcoin’s biggest one-week withdrawal in 2026, surpassing the peak in late January — pulling year-to-date inflows to $2.6 billion from $3.9 billion the previous week, according to a CoinShares Volume 287 report by James Butterfill. The speed of the reversal highlights how quickly the cumulative inflow position in 2026 can shrink when risk appetite declines. Two weeks ago, that figure was $4.9 billion. Now he’s spilled almost half of it in two weeks.
Ethereum followed with $222.8 million in outflows, largely in line with the previous week. Blockchain stock ETFs were also caught in the selloff, recording a total outflow of $133 million. The US dominated the regional picture with $1.425 billion in outflows – the vast majority of the global total – while Switzerland added $16.2 million, Canada $12.5 million and Hong Kong $12.2 million, according to the report. Germany was actually flat.
BTC's price trends to the upside since April 2026, as seen on the daily chart. Source: BTCUSD on Tradingview
Why Money Went Out of Bitcoin — QCP Analysis
The mechanics behind the outflow are detailed in QCP Capital’s latest market color note, which frames the week’s price action as the product of two converging forces: a technical support structure that has expired and a macro backdrop that has simultaneously turned hostile.
On the technical side, a long range of dealers – especially in IBIT options – suppressed volatility and helped anchor Bitcoin near $80,000 for most of May. Friday’s options expiration voided more than $4 billion in IBIT contracts, removing that threshold. Bitcoin soon fell below $78,000, according to QCP analysis.
The macro environment that greeted the collapse was unrelenting. US 10-year Treasury yields are at 4.62% and the 30-year is at 5.14% — the latest cycle highs. USD/JPY pushed into the 158-159 range, approaching the 160 level where the risk of Bank of Japan intervention and yen-carry unwinding fears are historically intensifying. Stocks retreated. Oil prices were rising. The CPI has warmed up. Markets are now pricing in a 50% to 60% chance that the Fed’s benchmark rate will be 25 basis points higher by January, according to QCP’s estimate — a material change in rate expectations that makes risk assets generally less attractive.
The only bright spot for
Not everything went in the same direction. Nine assets continued to see significant inflows above $1 million, suggesting that the legislative progress of the CLARITY Act tempered the broader tone of margin de-risking, according to CoinShares. XRP led the altcoin inflow at $31.8 million, followed by Solana at $7.7 million, Near Protocol at $9 million — significant considering the total AuM of $74 million — Sui at $2.9 million, and Multi-Fund Products at $4.7 million. The selective nature of altcoin inflows points to a market where investors are turning to certain narratives rather than abandoning cryptocurrencies altogether.
Crypto market records spike in outflows across its digital investment products. Source: CoinShares
QCP’s short-term outlook is cautious but not catastrophic. Until a clearer tariff decision or US-Iranian headlines emerge, cryptocurrencies are likely to remain in a difficult range, according to the company’s note. Forward volatility spiked on the breakdown, but has already faded — and call writers could soon return to the top spot near current levels. This week’s key scheduled events – Wednesday’s FOMC Minutes, same-day NVIDIA earnings and Thursday’s Flash PMIs – each carry the potential to shift the macro narrative in either direction.
This development marks a critical point for Bitcoin’s short-term price trajectory. Two consecutive weeks of outflows totaling $2.54 billion, arriving just as technical support was disappearing and macro headwinds building, is the kind of setup that tests the belief of institutional holders who entered on the way up – and the next few sessions will determine whether that belief holds.
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As of this writing, Bitcoin is trading around $82,000, trying to stabilize above the $78,000 level that was breached last week as the market awaits the macro catalysts that QCP and CoinShares identify as the next directional driver.
Cover image from Grok, BTCUSD chart from Tradingview
