In June, U.S. spot bitcoin ETFs faced a staggering $4.5 billion in net outflows, marking their worst performance since their inception in January 2024, according to data from SoSoValue.
This figure surpasses the previous record of $3.48 billion set in February 2025 by 29%.
BlackRock's IBIT, the largest fund in terms of assets, contributed significantly to this decline, accounting for $3.55 billion of the total outflows, including $212 million on June 30, which marked the ninth consecutive day of outflows. Consequently, total ETF assets have decreased from approximately $83 billion at the start of the month to about $71 billion.
Two key events likely triggered this trend. Firstly, SpaceX launched on June 12, attracting billions in risk capital shortly after, with retail trades on its debut day shattering previous single-session records and the offering raising a total of $75 billion.
Secondly, Kevin Warsh's inaugural meeting as Fed chair just five days later shifted the dot plot towards interest rate hikes and eliminated the possibility of rate cuts, prompting institutions to lessen their holdings in volatile assets.