U.S. spot Bitcoin ETFs have just completed their harshest withdrawal cycle since launch. According to the TechFlowPost report, the products recorded 13 consecutive trading days of net outflows from May 15 to June 3, with total withdrawals of roughly $4.4 billion. Combined with a falling Bitcoin price, total assets across the funds declined from around $104.3 billion to about $82.8 billion in three weeks. On June 12, none of the 12 funds recorded a net outflow, while the group posted $85.84 million in net inflows. Standard Chartered included that shift among its pieces of evidence that Bitcoin had already bottomed.
Thirteen Trading Days, $4.37 Billion in Outflows
ETF flows are a direct way to track how institutional capital is adjusting Bitcoin exposure. These spot products buy and sell Bitcoin as investors create or redeem shares, so the movement of cash is tied to changes in fund holdings. Galaxy Research data cited in the report showed that U.S. spot Bitcoin ETFs saw 13 straight trading days of net outflows between May 15 and June 3. The total came to about $4.37 billion, equal to roughly 59,000 BTC. It was the longest outflow streak since the products began trading in January 2024, surpassing the previous record from February 2025, when funds lost $3.2 billion over eight days.
Galaxy Research also noted that outflows over the seven-day, ten-day and twenty-day windows all reached historical highs during the same period. That showed the selling pressure was not concentrated in a single session, but persisted over an extended stretch. The withdrawal wave also pushed 2026 cumulative net flows into negative territory for the first time. Bloomberg ETF analyst Eric Balchunas confirmed that year-to-date flows had turned negative for the first time.
IBIT Was the Center of Redemptions
BlackRock’s IBIT absorbed the largest share of redemptions. Farside Investors data showed that IBIT alone lost about $3.3 billion during the outflow period, accounting for roughly three quarters of the total withdrawal. Fidelity’s FBTC followed with about $456.6 million in outflows, while Grayscale’s GBTC lost around $303.6 million. IBIT had been the strongest asset gatherer among the spot Bitcoin ETFs since their launch, but in this cycle it became the center of redemptions.
The impact of fund withdrawals was magnified by the simultaneous decline in Bitcoin’s market price. The Defiant, citing SoSoValue data, reported that total assets across all U.S. spot Bitcoin ETFs fell from about $104.29 billion on May 15 to roughly $82.83 billion on June 3, a decline of around $21.5 billion in three weeks. Over the same period, Bitcoin dropped from above $80,000 to near $63,000, a decline of about 21%. Redemptions removed capital from the funds, while the price drop reduced the value of the Bitcoin still held by the ETFs.
Asset Shrinkage and a Large Single-Day Redemption
By holdings, the ETFs held about 1.277 million BTC, around 7.2% below the peak reached in October 2025. Their Bitcoin holdings represented roughly 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 recorded $527.8 million in net outflows in a single day. That was the second-largest daily redemption in the fund’s history. For the full month of May, U.S. Bitcoin ETFs recorded $2.43 billion in net outflows, the largest monthly outflow on record, with $1.42 billion coming in the final week alone.
The first shift appeared in early June. On June 5, Bitcoin ETFs ended the 13-day outflow streak with a small net inflow of $3.05 million. In a market of this size, $3.05 million was almost negligible, but the direction changed. On the same day, Ethereum ETFs also ended 17 straight days of outflows, recording $19.3 million in net inflows, all of which came from BlackRock’s ETHA.
June 12 Brought a Clean No-Outflow Session
The June 12 session was the one institutions treated as a clearer flow signal. SoSoValue data showed that U.S. spot Bitcoin ETFs recorded $85.84 million in net inflows that day. Five funds attracted capital, while the other seven reported zero net flow. None of the 12 products saw a net outflow. Geoff Kendrick, global head of digital assets research at Standard Chartered, wrote in a brief note to clients on Friday that crypto-asset prices had reached the low of the current cycle, corresponding to Bitcoin at about $59,000, down 53% from a $126,000 high. He listed three confirmation indicators: Strategy reported that it bought more Bitcoin the previous week, ETFs recorded positive inflows on Friday, and oil prices continued to move lower. He ended the note by writing: “Winter is over, welcome back to crypto spring.”
A single day of $85.84 million in inflows does not reverse three weeks of roughly $4.4 billion in withdrawals. Still, it marks a starting point for judging whether selling pressure has peaked. A calculation cited by Cryptopolitan showed that ETF flows currently explain about 45% of Bitcoin’s weekly price movement. Since the U.S. spot Bitcoin ETFs launched in January 2024, their cumulative net inflows have remained above $55 billion, less than $10 billion from the historical peak. Balchunas therefore described the $4.4 billion outflow as a meaningful momentum reversal rather than a structural collapse.