Bitcoin spot ETFs experienced a net outflow of $15.6439 million on May 7, with the Grayscale Bitcoin Trust (GBTC) seeing a significant outflow of $28.613 million. Despite these outflows, the total NAV of Bitcoin spot ETFs remains high at $52.210 billion. The wider digital asset market also saw net outflows, totaling $251 million for the fourth consecutive week. This trend is particularly concerning for newly issued U.S. ETFs, which saw their first significant outflows since inception. Outflows were mainly concentrated in the U.S., but Canada, Switzerland, and Germany also experienced outflows. In contrast, Hong Kong's digital asset market saw significant inflows, especially in newly launched Bitcoin and Ethereum ETFs.