Spot Bitcoin ETFs Bleed $4B, Headed for Worst Month Ever

Investors have withdrawn roughly $4 billion from U.S.-listed spot bitcoin ETFs in June, marking the largest monthly outflow on record.

Data from SoSoValue shows net redemptions totaling $4.06 billion so far this month, surpassing the previous record of $3.56 billion set in February 2025.

Last week alone saw about $1.79 billion in outflows, making it the second-largest weekly withdrawal since spot ETFs began trading in January 2024. Final figures may still shift slightly depending on flows in the remaining trading days of the month.

The heavy redemptions come despite early expectations of renewed demand following SpaceX’s IPO on June 12.

Spot bitcoin ETFs are widely viewed as a key gauge of institutional appetite, offering regulated exposure to bitcoin without requiring direct ownership.

June’s losses follow $2.43 billion in net outflows in May, pushing the two-month total to nearly $6.5 billion—roughly equivalent to the market capitalization of zcash (ZEC), one of the top 15 cryptocurrencies by market value.

Year to date, total net outflows have reached around $5 billion in the first half of 2026.

The drop in institutional demand is reflected in bitcoin’s price, which has fallen about 30% over the same period, underperforming most major asset classes. The only notable exception is Strategy (MSTR), whose shares have plunged approximately 45%.