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What to know:

As an analyst, I’m watching a concerning trend: we’ve now seen ten consecutive sessions of net outflows from spot bitcoin ETFs, totaling $2.97 billion. This, combined with rising oil prices due to stalled ceasefire negotiations between the U.S. and Iran, is putting significant downward pressure on bitcoin and the broader crypto market. Interestingly, this is happening while global stocks – particularly those benefiting from the AI boom – are hitting new highs in Asian trading.

Global stocks rose on Monday, with the MSCI All Country World Index up 0.2% and Asian markets leading the way with a 1.1% increase to a new record high. Tech indexes in South Korea, Taiwan, and Japan all reached record levels, according to Bloomberg.

As an analyst, I’m seeing a positive pre-market move in Nasdaq 100 futures, up 0.6%, largely driven by Nvidia’s announcement that they’re directly challenging Intel and AMD in the laptop space. We’re also seeing a significant jump in SoftBank Group – as much as 11% – thanks to the value of their stakes in OpenAI and Arm. This surge could potentially make SoftBank Japan’s most valuable publicly traded company.

Rising oil prices added to a tense atmosphere. Brent crude surpassed $93 a barrel due to continued difficulties in reopening the Strait of Hormuz and ongoing instability in the Middle East, which also caused Treasury prices to fall.

Honestly, I was hoping crypto would jump with the stock market, but it didn’t. Bitcoin actually dropped about 4.6% this week, landing around $73,397. Ether followed, also down 4.6% to $1,996. Solana and TRON both took a similar hit, falling around 3.7% each, bringing them to $81.89 and a similar price for TRON. Even the ones that did okay only slipped a little, around 1.6%.

U.S. spot bitcoin ETFs have now experienced ten days in a row of net outflows, totaling $2.97 billion between May 15th and May 29th, according to SoSoValue. This surpasses the previous record of eight consecutive days of outflows, which occurred in early 2025. The largest single-day drop happened on May 27th, with $733 million leaving the ETFs – the biggest one-day decrease since January.

U.S. spot bitcoin ETFs saw their total value decrease from $104.29 billion on May 15th to $94.17 billion by Friday. Ether ETFs are doing even worse, experiencing a 14-day streak of outflows, with around $2.6 billion leaving these funds over the same period.

Hyperliquid’s HYPE was the lone outlier in the top 10 by market value.

The token’s price increased by 18.7% in the last week, reaching $73.17. Since its launch on May 12th, the U.S. HYPE ETF has seen consistent investment and its total value has grown to over $122 million by Friday.

Oil prices rising above $93 and the lack of progress on the Iran nuclear deal suggest that the positive economic factors crypto investors were hoping for aren’t materializing. Additionally, after driving last year’s price increases, money is now consistently flowing *out* of crypto ETFs for the past ten days.

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2026-06-01 08:29