Overview
- U.S. spot bitcoin ETFs recorded a roughly $6.35 billion net outflow over the past 30 days, the largest 30‑day withdrawal on record, according to Galaxy Research and multiple market trackers.
- The funds have posted six straight weeks of net withdrawals, though outflows slowed materially in the most recent shortened week to about $227–$228 million, signaling that the most aggressive phase of selling may be easing.
- Redemptions were concentrated in the largest products, especially BlackRock’s iShares Bitcoin Trust and Fidelity’s offering, which logged peak daily outflows in the hundreds of millions and forced issuers to sell underlying BTC to meet requests.
- Those forced sales, coupled with earlier derivatives liquidations, pushed bitcoin roughly 17% lower over the month into the mid‑$60,000s with early‑June lows near $60,000, leaving the near‑term range between about $62,000 and $67,000.
- Despite the recent withdrawals, cumulative ETF assets remain large at roughly $50–$60 billion since January 2024, long‑term holders have been accumulating, and the market’s next move will hinge on whether ETF flows reverse and on key U.S. data such as PCE and GDP plus developments in U.S.‑Iran diplomacy.