Overview
- Fund flows flipped sharply in late June, with global equity inflows falling to about $7.5 billion and U.S. equity funds recording net outflows after a prior week of large purchases.
- Technology-focused funds swung from massive inflows to roughly $18–20 billion in weekly outflows, reflecting investor concern about high valuations and debt-funded tech spending.
- U.S. spot Bitcoin ETFs logged their seventh consecutive week of net outflows, with trackers reporting $1.79 billion for the week ending June 26 and a $696.3 million single-day withdrawal that week.
- BlackRock’s IBIT bore the largest share of ETF redemptions, accounting for roughly $1.3 billion of the weekly Bitcoin ETF outflows and intensifying selling pressure on spot Bitcoin.
- The pullback was driven by a hotter May PCE reading that raised expectations of firmer Fed policy and by reports that mega-cap tech and private firms tapped bond markets, prompting investors to shift into bond funds and cash.