U.S. spot Bitcoin ETFs have just gone through their harshest redemption cycle since launch. According to the original TechFlow report, the products recorded 13 consecutive trading days of net outflows between May 15 and June 3, with cumulative withdrawals of about $4.37 billion, equivalent to roughly 59,000 BTC. Combined with the decline in Bitcoin’s price over the same period, total assets held by U.S. spot Bitcoin ETFs fell from about $104.29 billion to around $82.83 billion in three weeks, a contraction of approximately $21.5 billion.
A 13-Day Outflow Streak Sets a New Record
ETF flows offer a direct reading of institutional positioning in Bitcoin because subscriptions and redemptions translate into purchases and sales of spot Bitcoin by the funds. Galaxy Research data showed that the 13-day outflow streak from May 15 to June 3 was the longest continuous withdrawal period for the U.S. spot Bitcoin ETF cohort since the products began trading in January 2024. The previous record was an eight-day, $3.2 billion outflow in February 2025; this round was larger in both duration and size.
Galaxy Research also noted that outflows across seven-day, ten-day and twenty-day windows all reached record highs during this period. That indicates the selling pressure was not confined to a single trading day but persisted over an extended stretch. The withdrawals also pushed cumulative 2026 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 this year.
BlackRock’s IBIT accounted for the largest share of the redemptions. Farside Investors data showed that IBIT alone lost about $3.3 billion during the outflow period, representing roughly three quarters of the total withdrawals. Fidelity’s FBTC followed with about $456.6 million in outflows, while Grayscale’s GBTC saw about $303.6 million leave the fund. IBIT had been the strongest asset gatherer among the spot Bitcoin ETFs since launch, but it became the center of redemptions during this episode.
Falling Bitcoin Prices Magnified the Drop in ETF Assets
The contraction in ETF assets was amplified by the 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 around $82.83 billion on June 3. The approximately $21.5 billion decline reflected two forces moving together: investor redemptions removed capital from the funds, while Bitcoin fell from above $80,000 to near $63,000, a decline of about 21%, reducing the market value of remaining holdings.
Measured by coin holdings, the ETFs’ Bitcoin balance dropped to around 1.277 million BTC, about 7.2% below the peak recorded in October 2025. The funds currently hold Bitcoin equal to about 6.36% of Bitcoin’s circulating market capitalization, 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 net outflows, its second-largest single-day redemption on record. For May as a whole, U.S. Bitcoin ETFs registered $2.43 billion in monthly net outflows, the largest monthly withdrawal total to date, with $1.42 billion coming in the final week alone.
June 12 Delivered a Clean No-Outflow Session
The direction of flows changed in early June. On June 5, Bitcoin ETFs ended the 13-day outflow streak with a small net inflow of $3.05 million. On the same day, Ethereum ETFs also ended a 17-day sequence of outflows, taking in $19.3 million, all of which came from BlackRock’s ETHA. In a market of this size, $3.05 million was small, but it broke the pattern of uninterrupted redemptions.
The stronger signal came on Friday, June 12. SoSoValue data showed that U.S. spot Bitcoin ETFs recorded $85.84 million in single-day net inflows. Five funds took in capital, while the other seven posted zero net flow, and none of the 12 products recorded a net outflow. That full set of zero outflows gave the session a cleaner profile for investors tracking whether ETF selling pressure had eased.
Geoff Kendrick, global head of digital assets research at Standard Chartered, included the move in his Bitcoin bottom checklist. In a brief client report on Friday, Kendrick said crypto asset prices had already seen the low of this cycle, with Bitcoin near $59,000, down 53% from a $126,000 high. He listed three indicators for confirmation: Strategy reported that it bought more Bitcoin last week, ETFs recorded positive inflows on Friday, and oil prices continued to fall. He closed the report with the line: “Winter is over, welcome back to crypto spring.”
Cumulative Inflows Remain Above $55 Billion
A single $85.84 million inflow does not reverse three weeks of withdrawals totaling about $4.4 billion, but it ended the phase in which every session was dominated by redemptions. A calculation cited by Cryptopolitan said ETF flows can currently explain about 45% of Bitcoin’s weekly price movements. Since their January 2024 launch, U.S. spot Bitcoin ETFs still have cumulative net inflows of more than $55 billion, less than $10 billion below the historical peak. Balchunas therefore described the $4.4 billion outflow as a meaningful momentum reversal rather than a structural collapse.