US spot Bitcoin ETFs experienced their worst month since January 2024, with approximately $6 billion in outflows as Bitcoin's price dropped 17%. The steepest losses were during a 13-day period, where $4.4 billion was withdrawn, translating to around 59,400 BTC leaving the market.
The outflows were concentrated in BlackRock’s IBIT and Fidelity’s FBTC, both witnessing significant daily redemptions. A brief pause in the outflow occurred around June 4-5 with a modest inflow of $3 million. However, one week later saw an additional $1.7 billion in net redemptions.
Bitcoin's value fell to lows between $60,000 and $61,300 amidst this selling pressure.
Multiple factors contributed to this trend: profit-taking by institutions, macroeconomic uncertainty, and reduced risk appetite. Bloomberg ETF analyst Eric Balchunas described these outflows as “noise” in the wider context of institutional interest and typical ETF volatility.
Despite the $6 billion outflow, spot Bitcoin ETFs have attracted over $50 to $60 billion since their inception. Year-to-date flows for 2026 were near breakeven prior to the May-June outflow period. Large redemptions put pressure on spot Bitcoin markets as ETF issuers liquidate holdings to process withdrawals.