U.S. spot Bitcoin ETFs are on track to close June with $4.06 billion in net outflows. According to SoSoValue data, this marks the largest monthly outflow since the funds launched in January 2024. The previous record was set in February 2025, when outflows reached $3.56 billion; June has now surpassed that level by more than half a billion dollars. Data from the final two trading days of the month could still slightly change the total.
Last week alone, the funds saw $1.79 billion in outflows, making it the second-largest weekly loss since trading began in 2024. More importantly, it marked the latest week in a seven-week negative streak, the longest weekly outflow series in the products’ history.
The picture moved in the opposite direction of expectations at the start of the month. SpaceX’s public listing on June 12 was expected to draw institutional attention back to Bitcoin. What happened was the opposite.
$6.5 Billion in Two Months
In May, the ETFs recorded $2.43 billion in net outflows. Combined with June, the two-month total has reached $6.5 billion; a figure close to the total market value of Zcash (ZEC), one of the world’s 15 largest cryptocurrencies by market capitalization. Net outflows in the first half of 2026 have now reached $5 billion.
The decline in institutional demand is also visible in price action. Bitcoin lost nearly 30 percent in the first half of the year, making it one of the worst-performing major asset classes. Shares of Strategy, formerly MicroStrategy, the publicly traded company known for its Bitcoin treasury strategy, fell 45 percent over the same period.
IBIT Investors Turn From Profit to Loss in One Year
The fund hit hardest by the outflows was BlackRock’s iShares Bitcoin Trust, IBIT. According to calculations by investment research firm Bespoke Investment Group, the average investor in IBIT is now down around 40 percent. In mid-2025, the same investor group was still up 30 percent. Nate Geraci, president of NovaDius Wealth Management, described the situation as a “brutal introduction to Bitcoin for mainstream investors.”
The numbers also support that picture. IBIT has collected a total of $60.77 billion since launch, but its current net assets stand at $44.42 billion. The $16 billion gap is entirely the result of Bitcoin’s price decline and has widened from $13.4 billion in mid-June. On the final trading day of the week, all of the $444.51 million that flowed out of the funds came from IBIT alone.
Fed’s Hawkish Stance Fueled the Selling
The wave of selling came at the same time as the Federal Reserve’s increasingly restrictive stance. At its June 18 meeting, the central bank kept interest rates unchanged, but removed language from its statement that had previously signaled possible easing. After that, markets began pricing in a more than 50 percent probability of a rate hike in December.
Bitcoin was trading around $59,700 at the time of writing. That level is more than 50 percent below its record high of $126,272, reached in October 2025.
Ethereum ETFs are showing a similar pattern. They saw $273.34 million in outflows during the same week, marking their seventh consecutive weekly loss. That streak is one week short of the category’s eight-week run of outflows in early 2025. Ethereum was trading around $1,570 at the same time.
The only exception was seen in smaller crypto funds. Hyperliquid’s three funds attracted $108.09 million on Thursday, marking their strongest day since launching in mid-May. XRP funds also recorded $15.63 million in inflows, their highest daily figure in recent weeks. Still, even the best of these numbers remained below the $444.51 million that flowed out of IBIT alone on the final trading day of the week.
