U.S. spot Bitcoin ETFs log $4.4B of outflows over 13 sessions; first inflow in weeks arrives June 12
Author: Claude, Shenchao TechFlow Deep潮
U.S. spot Bitcoin ETFs have just gone through their sharpest redemption stretch since launching in January 2024. From May 15 through June 3, the group posted 13 straight trading days of net outflows totaling about $4.37 billion (roughly 59,000 BTC), more than double the previous record of 8 days and $3.2 billion set in February 2025, according to Galaxy Research.
Galaxy said outflows also hit new highs across 7-day, 10-day and 20-day windows, pointing to sustained selling pressure rather than a one-day event. The drawdown pushed cumulative 2026 net inflows into negative territory for the first time, a shift also flagged by Bloomberg ETF analyst Eric Balchunas, who said year-to-date flows turned negative for the first time this year.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for the bulk of redemptions. Farside Investors data show IBIT posted about $3.3 billion in outflows over the period, roughly three-quarters of the total. Fidelity's FBTC followed with about $456.6 million in outflows, and Grayscale's GBTC with about $303.6 million.
Redemptions coincided with a sharp drop in Bitcoin, amplifying the hit to assets under management. Citing SoSoValue data, The Defiant reported total AUM across U.S. spot Bitcoin ETFs fell from about $104.29 billion on May 15 to about $82.83 billion on June 3, a roughly $21.5 billion decline in three weeks. Over the same span, Bitcoin slid from above $80,000 to around $63,000, a drop of about 21%.
ETF holdings have contracted to about 1.277 million BTC, around 7.2% below the October 2025 peak. On current estimates, ETF-held Bitcoin represents about 6.36% of Bitcoin's circulating market cap, down from above 7% in mid-May.
One flashpoint came on May 28, when IBIT recorded a $527.8 million net outflow, the fund's second-largest single-day redemption. For May overall, U.S. Bitcoin ETFs posted a net outflow of $2.43 billion, the largest monthly outflow on record; $1.42 billion of that was concentrated in the final week.
Flows began to stabilize in early June. On June 5, Bitcoin ETFs snapped the 13-day outflow streak with a modest $3.05 million net inflow. On the same day, U.S. spot Ethereum ETFs ended a 17-day run of outflows, posting a $19.3 million net inflow, driven entirely by BlackRock's ETHA.
The more closely watched signal came on June 12. SoSoValue data showed U.S. spot Bitcoin ETFs recorded a net inflow of $85.84 million that day. Five funds took in money, seven were flat, and none posted outflows, producing a rare "zero net outflows" session across all 12 products.
Standard Chartered's Geoff Kendrick, global head of digital assets research, cited the June 12 inflow as one of three indicators that Bitcoin may have bottomed. In a client note, he said the cycle low aligns with Bitcoin at roughly $59,000, a 53% drop from a $126,000 peak. His three markers: Strategy reported buying Bitcoin last week, ETFs returned to positive inflows on Friday, and oil prices continued to decline. He signed off: "Winter is over; welcome back to spring in crypto."
Market participants caution that one clean day does not offset weeks of redemptions. Still, a session with no net outflows is often treated as a starting point for assessing whether selling pressure has peaked.
ETF flows are increasingly influencing price action. Calculations cited by Cryptopolitan put ETF fund flows at about 45% of Bitcoin's weekly price moves. Since launch, cumulative net inflows into U.S. spot Bitcoin ETFs have exceeded $55 billion, less than $10 billion below the historical high. Balchunas has characterized the recent $4.4 billion outflow as a meaningful momentum reversal rather than a structural breakdown.
