U.S. spot bitcoin ETFs saw $4.06 billion in net outflows this month, according to SoSoValue data. This is the largest monthly buyback on record, surpassing the previous high of $3.56 billion reached in February 2025.
Last week, funds saw redemptions of about $1.79 billion, the second-highest weekly outflow since trading began in January 2024. (These numbers could vary slightly depending on flows over the last two trading days of the month.)
This trend runs counter to expectations from earlier this month of renewed demand following SpaceX’s June 12 IPO.
Spot ETFs serve as a widely followed barometer for institutional investors seeking regulated exposure to bitcoin without directly owning the cryptocurrency.
The June outflows followed net redemptions of $2.43 billion in May, bringing the two-month total to nearly $6.5 billion. This figure is comparable to the current market capitalization of zcash (ZEC), currently ranked among the 15 largest cryptocurrencies in the world by market capitalization.
Year-to-date net outflows stand at around $5 billion in the first half of 2026.
The impact of this collapse in institutional demand is evident in Bitcoin’s price performance, which declined by around 30% in the first half of the year, underperforming almost every major asset class except MSTR. Shares of the publicly traded bitcoin-holding company fell 45%.
