US Spot-Bitcoin ETFs Suffer Record $4.5 Billion of June Outflows Since Launch

US spot-Bitcoin exchange-traded funds posted their largest monthly outflow since launching in January 2024.

Citing SoSoValue data, The Block reported on July 1 that the funds recorded total net outflows of $4.5 billion in June. That was 29% above the previous record of $3.48 billion set in February 2025.

BlackRock's IBIT, the largest spot-Bitcoin ETF by assets, accounted for most of the June outflows. The fund alone saw $3.55 billion in net redemptions.

Total net assets across US spot-Bitcoin ETFs have fallen to about $70.9 billion from more than $110 billion at the start of the year. Even so, cumulative net inflows since launch remain positive at more than $51 billion.

Market participants pointed to changes in the macro backdrop and SpaceX's initial public offering as the main reasons for the heavy outflows. Paul Howard, senior director at Wincent, said the ETF withdrawals appeared to reflect broader asset-allocation shifts rather than any damage to Bitcoin's long-term fundamentals. High interest rates, geopolitical uncertainty and a cautious macro environment have prompted institutions to reduce exposure to volatile assets, he added.

Maksim Sailer, chief executive officer of STS Digital, said much of the capital that had been concentrated in Bitcoin and ETFs last year had already been deployed, limiting new inflows. He also said the SpaceX IPO drew meaningful capital out of the market. Asset allocators piled into what he called the largest listing in history, reducing the flow of new dollars into Bitcoin. Sailer added that, with no catalyst on the horizon because market-clarity legislation has yet to pass, excess supply is being reabsorbed by the market through ETFs.

Bitcoin was trading at about $58,500, its lowest level since September 2024. The token has fallen 20% over the past 30 days, and Bitfinex said in a recent report that it could decline further toward $40,000 in the fourth quarter of this year.

Gerald David Linck, a chief executive officer, said ETF outflows could create short-term selling pressure because they signal weaker spot demand for Bitcoin. By contrast, Lena Bar, head of the Morph ecosystem, said the withdrawals look more like a cooling in speculative positions than a shakeout in long-term conviction. In her view, it would be hard to conclude that institutions are abandoning Bitcoin.