According to a TechFlow article by Claude, U.S. spot Bitcoin ETFs have just gone through the harshest redemption cycle since their launch. From May 15 to June 3, the products posted net outflows for 13 consecutive trading days, with cumulative withdrawals of about $4.37 billion, equal to roughly 59,000 Bitcoin. Using the rounded figure of $4.4 billion, the latest outflow was more than twice the previous record set in February 2025. The pressure eased on June 12, when all 12 funds recorded no net outflows and together posted $85.84 million in daily net inflows. Standard Chartered listed that change as one of the signs that Bitcoin had already found a bottom.
Thirteen Trading Days and About $4.37 Billion in Withdrawals
ETF flow data has become one of the clearest ways to track institutional positioning in Bitcoin. These funds buy and sell spot Bitcoin in response to investor creations and redemptions, so money entering or leaving the products translates directly into changes in fund holdings. Galaxy Research data showed that between May 15 and June 3, U.S. spot Bitcoin ETFs suffered 13 straight trading days of net outflows. That was the longest continuous outflow period since the funds were listed in January 2024. The prior record was eight days and $3.2 billion in February 2025, which was surpassed in both duration and dollar amount during the latest run.
Galaxy Research also noted that outflows across several time windows, including seven-day, ten-day and twenty-day periods, all reached new historical highs during this stretch. The data indicated that selling pressure was not limited to a single session, but persisted over an extended period. As redemptions continued, cumulative net flows for 2026 turned negative for the first time. Bloomberg ETF analyst Eric Balchunas confirmed that year-to-date flows had moved into negative territory during the same phase.
The largest source of redemptions was BlackRock’s IBIT. Farside Investors data showed that IBIT alone lost about $3.3 billion during the full outflow window, accounting for roughly three quarters of the total. Fidelity’s FBTC followed with around $456.6 million in outflows, while Grayscale’s GBTC saw about $303.6 million leave the fund. IBIT had been the strongest asset-gathering product since the U.S. spot Bitcoin ETF launch, but in this episode it became the center of redemptions.
Total Assets Fell by About $21.5 Billion in Three Weeks
The damage from fund withdrawals was amplified by a simultaneous decline in Bitcoin’s price. Citing SoSoValue data, The Defiant reported that total assets across all U.S. spot Bitcoin ETFs fell from about $104.29 billion on May 15 to about $82.83 billion on June 3, a drop of roughly $21.5 billion in three weeks. The contraction came from two forces at once: investor redemptions removed capital from the products, while Bitcoin declined from above $80,000 to near $63,000 over the same period, a drop of about 21%, reducing the market value of ETF holdings.
Measured by holdings, the ETFs’ Bitcoin position fell to about 1.277 million BTC, around 7.2% below the peak reached in October 2025. The Bitcoin held by these funds now represents 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 $527.8 million in single-day net outflows, 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 of that total coming in the final week.
June 12 Brought a Clean No-Outflow Session
The turn began in early June. On June 5, Bitcoin ETFs ended the 13-day outflow streak with a small $3.05 million net inflow. The amount was modest relative to the size of the market, but the direction changed. On the same day, Ethereum ETFs also ended a 17-day run of outflows, recording $19.3 million in net inflows, all of which came from BlackRock’s ETHA fund.
The session that institutions treated as a clearer signal came on June 12, a Friday. SoSoValue data showed that U.S. spot Bitcoin ETFs recorded $85.84 million in net inflows that day. Five funds attracted inflows, while the remaining seven showed zero net movement. None of the 12 products recorded a net outflow. For bullish observers tracking whether selling pressure had eased, the fact that every fund avoided outflows was the key feature of the day.
Standard Chartered’s global head of digital asset research, Geoff Kendrick, included the development in his Bitcoin bottom checklist. In a short note to clients on Friday, Kendrick wrote that crypto-asset prices had already reached the low of the current cycle, corresponding to Bitcoin at about $59,000, down 53% from the $126,000 high. He said he was watching three indicators for confirmation: Strategy reported that it had bought more Bitcoin the previous week, ETFs recorded positive inflows on Friday, and oil prices continued to move lower. Kendrick ended the note with the line: “Winter is over, welcome back to crypto spring.”
Cumulative Net Inflows Remain Above $55 Billion
A single $85.84 million inflow day does not reverse roughly $4.4 billion of withdrawals over three weeks. It does, however, mark the first clean session from which market participants can track whether the redemption pressure has peaked. Calculations cited by Cryptopolitan said ETF flows now explain about 45% of Bitcoin’s weekly price movement. Since their January 2024 launch, U.S. spot Bitcoin ETFs still have more than $55 billion in cumulative net inflows and remain less than $10 billion below their historical peak. Balchunas therefore described the $4.4 billion outflow as a meaningful momentum reversal rather than a structural collapse. The original TechFlow article also included the publication’s Telegram subscription group, its official Twitter account, and its English Twitter account, BlockFlow_News.