US spot Bitcoin ETFs experienced significant capital withdrawal on June 10, with net outflows reaching $214 million. Ethereum spot ETFs simultaneously recorded $35.6 million in losses. This combined $250 million exit extends a bearish trend for institutional crypto products.
This session marks the 13th consecutive day of outflows, draining approximately $4.4 billion from US spot Bitcoin ETFs since late May. Weekly redemption figures have now surpassed $1.7 billion during this sustained period of selling pressure.
BlackRock’s iShares Bitcoin Trust, IBIT, drove the decline, accounting for $213.63 million of the daily Bitcoin ETF outflows. This single fund was responsible for redeeming approximately 3,580 BTC. While Fidelity and Grayscale also reported declines, their volumes were negligible compared to BlackRock’s dominant position.
Ethereum ETFs presented a fragmented picture despite the aggregate loss. Unlike the uniform Bitcoin sell-off, some BlackRock Ethereum products recorded minor inflows even as the broader category contracted. However, ETH funds continue to struggle with demand relative to Bitcoin counterparts.
The timing correlates with Bitcoin trading between $60,000 and $65,000. Declining prices combined with ETF redemptions create a feedback loop where issuers must sell underlying assets, adding further downward pressure to spot markets. IBIT flow data remains the primary barometer for institutional sentiment in this cycle.