U.S. spot Bitcoin ETFs have just gone through the harshest withdrawal cycle since their launch. According to information compiled by TechFlow, the products recorded net outflows for 13 consecutive trading days from May 15 to June 3, with total withdrawals of about $4.37 billion, equal to roughly 59,000 BTC. Rounded to the broader headline figure, the outflow was close to $4.4 billion, more than double the previous record set in February 2025. Combined with a falling Bitcoin price, the total assets held by these ETFs dropped from about $104.29 billion to about $82.83 billion in three weeks.
The flow picture changed on June 12. Data from SoSoValue showed that U.S. spot Bitcoin ETFs posted $85.84 million in net inflows that day. Five funds received inflows, while the other seven recorded zero net flow. None of the 12 products saw a net outflow. Geoff Kendrick, global head of digital assets research at Standard Chartered, included that positive ETF flow among three pieces of evidence he used to argue that Bitcoin had found a bottom.
Thirteen Trading Days and About $4.37 Billion Leave the Funds
Galaxy Research said the 13-day streak from May 15 to June 3 was the longest consecutive net outflow period for U.S. spot Bitcoin ETFs since the group of products began trading in January 2024. The previous record was an eight-day stretch in February 2025, when outflows reached $3.2 billion. This latest episode exceeded that prior mark both in duration and in dollar value. Galaxy Research also noted that outflows over several time windows, including seven-day, 10-day and 20-day periods, reached new historical highs during the same stretch. That showed the selling pressure was not confined to a single trading session but persisted over an extended period. Bloomberg ETF analyst Eric Balchunas confirmed that cumulative flows for 2026 turned negative for the first time.
BlackRock’s IBIT was the center of the withdrawal wave. Farside Investors data showed that IBIT alone saw about $3.3 billion leave during the outflow period, accounting for three quarters of the total. Fidelity’s FBTC followed with about $456.6 million in outflows, while Grayscale’s GBTC saw about $303.6 million leave. IBIT had been the strongest asset-gathering product among the spot Bitcoin ETFs since launch, but in this episode it became the main source of redemptions.
Total ETF Assets Shrink by About $21.5 Billion in Three Weeks
The damage from fund redemptions was amplified by the concurrent decline in Bitcoin’s price. The Defiant, citing SoSoValue, reported that the total asset size of all U.S. spot Bitcoin ETFs fell from about $104.29 billion on May 15 to about $82.83 billion on June 3. The decrease of about $21.5 billion came from two forces at the same time: investor redemptions pulled capital out of the products, and Bitcoin fell from above $80,000 to around $63,000, a decline of about 21%, reducing the market value of the coins still held by the funds.
Measured by holdings, ETF Bitcoin balances fell to about 1.277 million BTC, around 7.2% below the peak reached in October 2025. These ETFs now hold Bitcoin equal to about 6.36% of Bitcoin’s circulating market value, down from more than 7% at the mid-May high. One redemption stood out on May 28, when BlackRock’s IBIT posted a one-day net outflow of $527.8 million. That was the second-largest single-day redemption in the fund’s history. For the full month of May, U.S. Bitcoin ETFs recorded $2.43 billion in monthly net outflows, the largest monthly outflow on record, with $1.42 billion coming in the final week alone.
June 12 Brings a Clean No-Outflow Session
The consecutive outflow streak first ended in early June. On June 5, Bitcoin ETFs posted a small net inflow of $3.05 million, breaking the 13-trading-day run of withdrawals. In a market of this size, $3.05 million was almost negligible, but the direction of the flow had changed. On the same day, Ethereum ETFs also ended a 17-day streak of outflows, recording $19.3 million in net inflows, all of which came from BlackRock’s ETHA.
The cleaner signal for institutions came on June 12, which was a Friday. SoSoValue data showed that spot Bitcoin ETFs brought in $85.84 million that day. Five funds had inflows and seven funds had zero net flow, meaning all 12 products avoided net outflows. For traders watching whether ETF selling pressure had eased, that all-zero-outflow configuration was the key feature of the session.
Kendrick’s short report to clients on Friday said crypto asset prices had reached the low of the current cycle, with Bitcoin at about $59,000, down 53% from a $126,000 high. He said he wanted to see three indicators for confirmation: Strategy reporting that it bought more Bitcoin the previous week, ETFs recording positive inflows on Friday, and oil prices continuing to move lower. The report ended with the line: ‘Winter is over, welcome back to crypto spring.’
A One-Day Inflow Does Not Erase a $4.4 Billion Exit
The $85.84 million inflow on a single day did not reverse the roughly $4.4 billion that had left over the prior three-week withdrawal period. Still, it gave the market one clean trading day to observe whether the selling pressure had started to ease. According to calculations cited by Cryptopolitan, ETF flows can currently explain about 45% of Bitcoin’s weekly price movements. Since their January 2024 launch, these Bitcoin ETFs still have cumulative net inflows of more than $55 billion, less than $10 billion below their historical peak.
Balchunas therefore characterized the $4.4 billion outflow as a meaningful momentum reversal rather than a structural collapse. The original TechFlow article also listed its official community channels, including a Telegram subscription group, its official Twitter account and the English Twitter account BlockFlow_News.