U.S. spot Bitcoin ETFs have just completed their most severe redemption streak since launch. From May 15 to June 3, the products recorded 13 consecutive trading days of net outflows totaling about $4.37 billion, equivalent to roughly 59,000 BTC. The TechFlow report summarized the withdrawal as about $4.4 billion, noting that the streak was not only the longest since the funds debuted, but also more than double the previous record of eight days and $3.2 billion set in February 2025.
ETF flows are often used as a direct measure of institutional positioning in Bitcoin. These spot products buy and sell physical Bitcoin according to investor creations and redemptions, so inflows and outflows correspond to changes in underlying holdings rather than public statements. According to Galaxy Research, the latest 13-day run of outflows was the longest since this group of U.S. spot Bitcoin ETFs listed in January 2024. The firm also said outflow volumes across several rolling windows, including seven-day, ten-day and twenty-day periods, reached new highs during the same stretch.
The redemption wave also pushed year-to-date net flows for 2026 into negative territory for the first time. Bloomberg ETF analyst Eric Balchunas confirmed that cumulative flows for the year had turned negative. By product, BlackRock’s IBIT was at the center of the withdrawals. Farside Investors data showed that IBIT alone saw about $3.3 billion in net outflows during the period, accounting for roughly three quarters of the total. Fidelity’s FBTC followed with about $456.6 million in outflows, while Grayscale’s GBTC posted about $303.6 million in outflows.
The pressure from redemptions was magnified by Bitcoin’s price decline over the same period. 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 about $82.83 billion on June 3, a decline of roughly $21.5 billion over three weeks. The drop came from two forces working together: capital being pulled out through redemptions, and the market value of holdings falling as Bitcoin moved from above $80,000 to around $63,000, a decline of about 21%.
Measured by coin holdings, the ETFs’ Bitcoin balance fell to about 1.277 million BTC, around 7.2% below the peak recorded in October 2025. Their holdings now represent 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 recorded $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 posted $2.43 billion in monthly net outflows, the largest monthly outflow on record, with $1.42 billion coming in the final week.
The first change in direction came in early June. On June 5, Bitcoin ETFs ended the 13-day outflow streak with a small net inflow of $3.05 million. The amount was tiny compared with the size of the market, but the flow direction had changed. On the same day, Ethereum ETFs also ended a 17-day outflow streak, recording $19.3 million in net inflows, all of which came from BlackRock’s ETHA.
The flow that drew more institutional attention came on June 12, a Friday. SoSoValue data showed that U.S. spot Bitcoin ETFs recorded $85.84 million in single-day net inflows. Five funds saw capital enter, while the other seven posted zero net flow. None of the 12 products recorded a net outflow that day. After three weeks of heavy redemptions, that clean session with no fund in outflow became an important data point for observers tracking whether selling pressure had eased.
Standard Chartered’s global head of digital assets research, Geoff Kendrick, included the ETF inflow in his list of evidence that Bitcoin had bottomed. In a brief note to clients on Friday, Kendrick wrote that crypto asset prices had seen the low of the current cycle, corresponding to Bitcoin at about $59,000, down 53% from a $126,000 high. He said three indicators were needed for confirmation: Strategy reporting that it had bought more Bitcoin the previous week, ETF flows turning positive on Friday, and oil prices continuing to fall. He ended the report with the line: “Winter is over, welcome back to crypto spring.”
The $85.84 million single-day inflow does not offset the roughly $4.4 billion withdrawn over three weeks. Still, the report described a clean trading day as a starting point for watching whether outflows had peaked. ETF flows now have a growing relationship with Bitcoin’s price action. A calculation cited by Cryptopolitan said ETF flows currently explain about 45% of Bitcoin’s weekly price movement. Since their launch in January 2024, these Bitcoin ETFs still have cumulative net inflows of more than $55 billion, less than $10 billion away from their historical peak. Balchunas therefore described the $4.4 billion outflow as a meaningful momentum reversal rather than a structural collapse.