In June, U.S. Bitcoin spot ETFs experienced a net outflow of $4.5 billion, marking the worst monthly performance since these products launched in January 2024.
Source: SoSoValue.The primary contributor to June's decline was BlackRock's IBIT, which lost $3.55 billion.
The total outflow of $4.5 billion exceeded the previous record of $3.48 billion set in February 2025 by 29%.
The total net assets in these products have dropped to approximately $70.9 billion, down from peaks above $110 billion earlier this year. However, the cumulative net inflow since the funds' inception remains positive, exceeding $51 billion.
In a comment to The Block, senior director Wincent Paul Howard attributed the outflows to macro rotation rather than fundamental issues with Bitcoin. He cited high interest rates, geopolitical uncertainty, and more cautious macro sentiment as contributing factors.
Maxim Seiler, head of STS Digital, explained the record outflow as a result of a "lack of new capital" following significant investments in Bitcoin and ETFs last year, along with a rotation of funds into SpaceX's IPO. The debut saw over 555 million shares sold, raising $75 billion.
Amid this backdrop, Bitcoin was trading around $58,500. The asset has declined by 20% over the past 30 days and by 45% year-over-year. In its latest report, Bitfinex suggested a potential price drop to around $40,000 by the fourth quarter.
https://twitter.com/bitfinex/status/2071607542262726662
Gerald David, CEO of Lynq, noted that outflows from ETFs could intensify short-term price pressure by narrowing one of the sources of demand for spot Bitcoin. Morph ecosystem head Renna Ba stated that the current trend resembles a cooling of speculative demand rather than a loss of long-term confidence. Both interviewees from The Block believe that significant outflows do not indicate a deterioration in Bitcoin's fundamental metrics.
It is worth noting that in the first quarter, institutional investors reduced their positions in U.S. Bitcoin spot ETFs by 17%.