Bitcoin (BTC) Price: ETF Outflows Snap Five-Day Inflow Streak as BTC Stalls Near $80,000

TLDR

• U.S. spot Bitcoin ETFs posted $277 million in net outflows on May 7, ending a five-day inflow streak
• BlackRock’s IBIT lost $98 million in a single day; Fidelity’s FBTC saw two straight days of outflows
• Bitcoin pulled back below $80,000 after being rejected above $82,000–$82,500
• Coinbase revenue fell 31% and Robinhood crypto revenue dropped 47% year-over-year, pointing to weak retail demand
• A weaker US dollar and expectations around a potential Strategic Bitcoin Reserve continue to support a longer-term bullish case

U.S. spot Bitcoin ETFs ended a five-day inflow streak on May 7, recording $277.5 million in net outflows. That broke a run that had brought in over $1.6 billion since the start of May.

BlackRock’s iShares Bitcoin Trust (IBIT) saw $98 million leave in a single day. That came after the fund had bought over $1 billion worth of BTC in the five days prior. IBIT still holds around $75.8 billion in assets.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted its second straight day of outflows, bringing the two-day total to $167.94 million. FBTC’s total assets stand at $15.24 billion.

Together, all U.S. spot BTC ETFs hold roughly $106.77 billion in Bitcoin.

Bitcoin itself was trading around $79,700–$80,180 on Friday, after being rejected above $82,000–$82,500 earlier in the week. Around $270 million in leveraged long positions were liquidated within 24 hours.

Retail Demand Falls Short

Earnings data from major crypto platforms pointed to shrinking retail activity. Coinbase reported a 31% revenue decline compared to Q1 2025. Robinhood’s crypto-related revenue dropped 47% over the same period.

Jake Kennis, senior research analyst at Nansen, noted that Bitcoin’s move above $81,000 was driven mainly by institutional spot buying and short liquidations — not retail traders. Funding rates stayed unusually soft throughout the move.

Lacie Zhang, research analyst at Bitget Wallet, said that without a pickup in retail, pullbacks toward the $75,000–$78,000 support zone remain possible.

Top traders at Binance cut their Bitcoin long positions to the lowest level in over four weeks. At OKX, the long-to-short ratio among top traders fell to 0.27, down from 1.20 just ten days earlier.

Macro Picture: Jobs Data and a Weaker Dollar

April’s U.S. nonfarm payrolls came in at 115,000 — nearly double the expected 62,000. March was also revised upward to 185,000. Unemployment held at 4.3%.

The strong jobs data supported a near-term risk-on read, but the Fed’s ability to cut rates remains limited by persistent energy-driven inflation.

The US dollar has weakened against major currencies over the past two months. Analysts say this reduces incentives to hold US Treasuries and may push capital toward scarce assets like Bitcoin.

Renewed doubt about a US-Iran ceasefire also rattled markets. Iranian officials accused Washington of violating agreed terms, and reports of fresh strikes near the Strait of Hormuz pushed crude oil higher on Friday.

Separately, Kevin Warsh is widely expected to replace Fed Chair Jerome Powell. Warsh has previously expressed pro-Bitcoin views and recently disclosed holdings in crypto assets and related companies.

Polymarket data shows rising odds that the U.S. Strategic Bitcoin Reserve could begin accumulating BTC by 2027.

Bitcoin exchange supply fell by 9,832 BTC between May 1 and May 9, from 2,686,423 to 2,676,591, according to CryptoQuant.

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