Six-week $6B outflows hit U.S. spot Bitcoin ETFs

Over six weeks through June, investors withdrew about $5.94 billion from U.S. spot Bitcoin ETFs, the longest unbroken stretch of weekly outflows since the funds launched in 2024. A separate 30-day measure reached $6.35 billion through June 20. Total assets under management across the ETFs fell from above $104 billion to about $80 billion, and cumulative net inflows since launch declined from roughly $63 billion to $53.4 billion.

The pace of redemptions accelerated in early June. The first week of June recorded $1.72 billion in outflows, while the week ending June 18 saw $226.8 million leave. One trading day in late June registered $469 million in redemptions, the largest single-day outflow since early June, leaving the funds on track for a seventh consecutive week of net withdrawals.

Selling activity was concentrated among newer holders who accessed Bitcoin through brokerage accounts and ETFs. On-chain data show holders with positions of 155 days or more controlled about 16.64 million BTC, roughly 83% of coins in circulation, and have largely held their balances steady. Short-term holders and ETF shareholders supplied most of the coins that moved to market during the outflow period.

On-chain and fund accounting metrics recorded increased losses among sellers. Analysis by an asset manager found realized losses rose 78% month over month to $714 million and the realized-profit-to-loss ratio fell to 0.27 from 1.11, with many sellers buying between roughly $55,000 and $68,000. One institutional firm sold 32 BTC to cover dividend costs, its first net sale since 2022.

Market structure and leverage amplified the price move. After a hotter-than-expected inflation reading-headline personal consumption expenditures rose 4.1% year over year-Bitcoin briefly fell near $58,000 before stabilizing around $59,000. More than $1.2 billion of leveraged long positions across crypto were liquidated during the drop. An options expiry cleared about $10.6 billion on a major exchange, with significant open interest clustered near a $60,000 put and an $80,000 call. Spot ETF trading volumes and general on-chain activity thinned over the same period.

Market participants pointed to portfolio rebalancing and shifting risk appetite as factors in the redemptions. A Deutsche Bank economist described Bitcoin as an institutional risk asset, with ETF allocators and corporate treasuries serving as marginal buyers that can trim exposure when desks reduce risk. CoinEx’s chief analyst observed that the deceleration in weekly outflows suggested the selling wave was easing and that “the worst of the pressure [is] probably already behind the market.” Planned AI infrastructure spending by major U.S. tech companies and sizable private tech deals attracted speculative capital that had previously flowed into crypto, and market pricing reflected a tighter central bank stance.

Data show coins moved from newer, more active holders into longer-term holders while available supply for trading narrowed. ETF assets declined and prices fell during the outflows, even as long-term holders largely maintained their positions.