BlackRock’s iShares Bitcoin Trust, or IBIT, stood at the center of June’s selloff in U.S. spot Bitcoin ETFs. Data cited in a Crypto Briefing report showed the fund logged more than $300 million in fresh redemptions, while total net outflows from U.S. spot Bitcoin ETFs for the month climbed to roughly $4.3 billion.
IBIT carried the largest share of June withdrawals
The report said U.S. spot Bitcoin ETFs posted $231 million in net outflows on Monday alone. IBIT made up the biggest portion of that move. On a cumulative basis, the BlackRock fund recorded about $3.3 billion in net outflows during June, equal to nearly 77% of all withdrawals across the U.S. spot Bitcoin ETF market since the start of the month. Selling was not spread evenly across issuers; a large part of it was concentrated in the industry’s biggest spot Bitcoin fund.
Daily flow figures showed the same pattern. On June 26, IBIT posted a single-day net outflow of $444.5 million, its largest daily redemption of the month. That was a sharp reading. It also pointed to sustained institutional selling rather than a one-off adjustment.
Higher Treasury yields changed portfolio preferences
The report linked the recent rotation to rising U.S. Treasury yields. For institutions, government securities now offer stronger returns with much lower volatility than Bitcoin, making them more attractive in current conditions. As market inputs changed, portfolio managers cut exposure to some crypto-linked products, and Bitcoin ETFs became one of the areas where allocations were reduced.
That shift does not necessarily indicate a full retreat from digital assets. It looks more like a reallocation toward investments with more predictable income and lower risk. In periods of macro uncertainty, large investors often place capital preservation ahead of higher-volatility exposure, which helps explain the steady pace of June redemptions.
ETF withdrawals arrived with renewed price pressure
Bitcoin’s market price was under pressure at the same time. According to the article, Bitcoin briefly traded above $60,600 before giving back those gains and changing hands near $59,558. Buyers tried to recover lost ground. The move did not last long, and selling returned.
ETF flow data remains closely watched because it shows how professional investors are positioning their portfolios in real time. With BlackRock’s fund still accounting for the largest chunk of recent withdrawals, the direction of those flows will remain a key signal for institutional sentiment if macro conditions stay the same.