US spot Bitcoin ETFs have just closed their roughest month since they launched in January 2024. Investors pulled $6.35 billion out of the funds over the past 30 trading days. Bitcoin itself f
US spot Bitcoin ETFs have just closed their roughest month since they launched in January 2024. Investors pulled $6.35 billion out of the funds over the past 30 trading days. Bitcoin itself fell 17% over the same period.
Galaxy Research tracks this outflow figure against 582 rolling 30-day windows of ETF history. The $6.35 billion drop ranks first among every one of them. The research firm said daily redemptions keep growing larger, day after day.
The funds also posted a sixth straight week of withdrawals last week. Cumulative net flows into Bitcoin ETFs have slipped to $53.4 billion. That figure stood at $63 billion in October 2025, the high point so far.
Bitcoin traded near $64,000 on June 21. That price sits roughly 49% below the $126,000 peak reached in early October 2025. Each coin has lost about $62,000 in value since that high.
The October peak followed two Federal Reserve rate cuts in September and October 2025. ETF buying and new corporate treasury purchases added fresh demand on top of the cuts. Traders called it a debasement trade, a bet against the dollar.
The reversal built up slowly, then sped up. On February 5, 2026, Bitcoin suffered one of the fastest single-day drops in its history. Forced selling in futures markets drove the move, and ETF withdrawals followed soon after.
Outflows hit another record between May 15 and June 3, with 13 straight days of withdrawals. Funds lost $4.33 billion, or about 59,400 BTC, in that stretch. A brief inflow on June 5 ended that streak before selling resumed.
Macro pressure built at the same time. The United States and Israel went to war with Iran on February 28. Fighting then blocked oil traffic through the Strait of Hormuz.
Energy prices jumped as a result. US annual inflation climbed to 4.2% in May, the highest level since 2023. Higher energy costs accounted for most of that increase.
The US and Iran signed a memorandum to end the war on June 17. Fighting in Lebanon has continued since then, and the truce remains fragile. Markets have not yet treated the deal as a clear resolution.
BlackRock's Jay Jacobs offered a different read on the outflow data. He told Cointelegraph that daily flows often reflect routine trading rather than a shift in conviction. Some outflows simply move money from one Bitcoin ETF into another, he said, pointing to the new iShares Bitcoin Premium Income ETF that launched Wednesday.
Jacobs said the volatility has not changed BlackRock's long-term view of Bitcoin. He noted that iShares runs over 450 ETFs across many asset classes, and inflows and outflows happen across all of them daily. In his view, short-term flow data does not reflect Bitcoin's underlying utility.
The case for caution is straightforward. Outflows have grown for six straight weeks, and the pace has not let up. The case against panic rests on history: ETF flows have reversed before, and Bitcoin has recovered after past corrections.
The next test arrives with the June CPI report, due July 14. A calmer reading there, paired with a stable truce in the Middle East, could slow the outflow trend. Until then, Bitcoin ETFs remain under pressure neither side can fully explain.
