Bitcoin Investors Dump ETPs in May

June 4, 2026

As stocks soared, investors sold a net $2.4 billion of bitcoin spot exchange-traded products (ETPs) in May, the biggest monthly net outflow since November 2025.

#--bcn-image--2086{display: none !important;}

As stocks raced to new highs in May, many bitcoin investors headed for the exits.

In all, investors sold a net $2.4 billion from bitcoin spot exchange-traded products (ETPs) during the month, the largest monthly net outflow since November 2025 and the third largest since spot ETPs launched in early 2024, according to Glassnode data.

Bitcoin ETP investors may have been lured away by equities, which went on a historic run during the month. Some of these investors may have also simply taken advantage of bitcoin's rally to exit at an intermediate-term high that roughly coincided with the average break-even point for investors, according to Glassnode.

In any case, May marked a reversal after two months of net inflows. Over the past seven months, spot ETP withdrawals have totaled a net $5.6 billion, about 9% of all previous net inflows.

Bitcoin investors have been net sellers of ETPs for five of the past seven months.

#--bcn-image--3588{display: none !important;}

Data source: Glassnode

For illustrative purposes only.

Bitcoin's recent sell-off roughly coincided with funds flowing back to crypto exchange wallets, which could be considered bearish because it often precedes the selling of those coins. (By contrast, outflows from exchanges can indicate coins going back on chain for longer-term storage, which could be considered bullish.) In fact, on May 31, the 30-day net change hit its highest level since late November 2025, as bitcoin's price fell to roughly a six-week low.

Some metrics, however, may point to indifference rather than bearishness. Activity in the perpetual futures market, which is typically dominated by retail traders, has been exceptionally quiet in recent weeks. The average 30-day net change in open interest during the two weeks beginning May 16 was about one-fifth of the past year's average, with no discernible trend. This could be interpreted as a lack of interest among retail traders, at least for the time being.

Technically, the minimal change in open interest could be the result of offsetting flows. But trading volume for all bitcoin futures products also hit long-term lows in recent weeks, indicating a seemingly weak interest among retail traders. In May, average daily futures trading volume fell 59% from a year earlier and was 39% below its previous 12-month average—the lowest level in more than two years.

Bitcoin futures trading volume is near the lowest level in years.

#--bcn-image--8174{display: none !important;}

Data source: Glassnode

For illustrative purposes only.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment.

Any investments reflected are for illustrative purposes only. Individual situations will vary.

Past performance is no guarantee of future results.

Digital currencies such as bitcoin are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument.

Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here.

Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options prior to trading futures products.

Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC).

Read additional CFTC and NFA futures and forex public disclosures for Charles Schwab Futures and Forex LLC.: https://www.schwab.com/legal/futures-disclosures

Futures and futures options trading services provided by Charles Schwab Futures and Forex LLC. Trading privileges subject to review and approval. Not all clients will qualify.

Charles Schwab Futures and Forex LLC is a CFTC-registered Futures Commission Merchant and NFA Forex Dealer Member.

Charles Schwab Futures and Forex LLC (NFA Member) and Charles Schwab & Co., Inc. (Member SIPC) are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

0626-SJE0