U.S. spot bitcoin ETFs have suffered their largest and longest withdrawal streak on record, with investors pulling roughly $3.45 billion across 11 consecutive trading sessions as bitcoin slid toward $70,000, according to data provider SoSoValue.

The 11-session run, which began May 15, marks the longest stretch of net redemptions since the funds debuted in January 2024, surpassing the eight-day record set in February 2025.

However, Wall Street’s appetite for risk remains strong, with Nvidia up 6%, and other stocks linked to semiconductors and AI attracting the interest of investors.

The latest session saw investors withdraw another $484 million from the funds, helping push down BTC’s price by 4% during the Asian trading day.

Meanwhile, Strategy (MSTR), the largest corporate holder of bitcoin, disclosed on Monday that it sold 32 BTC, worth roughly $2.5 million, to fund distributions on one of its preferred stock offerings.

While the sale represented a tiny fraction of the company’s holdings, it marked Strategy’s first bitcoin sale since December 2022 and came after months of Executive Chairman Michael Saylor championing a buy-and-hold approach.

The move also comes as other measures of institutional demand are beginning to weaken.

In its most recent weekly report, CryptoQuant warned that bitcoin is increasingly becoming a market of holders rather than buyers.

CryptoQuant noted that ETF and corporate treasury accumulation has slowed markedly in recent months, making the current record ETF withdrawal streak another sign that one of the primary sources of demand underpinning bitcoin’s rally may be fading.