U.S. spot Bitcoin ETFs have just gone through the harshest withdrawal streak since their launch. According to the TechFlowPost article, the products posted net outflows for 13 consecutive trading days from May 15 to June 3, with cumulative withdrawals of about $4.37 billion, equivalent to roughly 59,000 BTC. During the same period, the Bitcoin price also fell, pushing total assets across all U.S. spot Bitcoin ETFs down from about $104.29 billion to about $82.83 billion in three weeks, a decline of roughly $21.5 billion.
A 13-Day Outflow Streak Breaks the Previous ETF Record
ETF flows are one of the more direct ways to observe how institutional Bitcoin exposure is changing. Spot Bitcoin ETFs buy and sell Bitcoin in response to investor creations and redemptions, so inflows and outflows translate into increases or reductions in fund holdings. Galaxy Research said the 13 straight trading days of outflows from May 15 to June 3 marked the longest consecutive outflow period since these products began trading in January 2024. The previous record was eight days and $3.2 billion in February 2025, which this latest episode surpassed in scale.
Galaxy Research also noted that outflows over several time windows, including seven-day, ten-day and twenty-day periods, reached new highs during the same stretch. That showed the selling pressure was not concentrated in a single session, but persisted over a longer period. The withdrawal wave also pushed 2026 cumulative net flows into negative territory for the first time. Bloomberg ETF figure Eric Balchunas confirmed that year-to-date flows turned negative during this period.
BlackRock’s IBIT was the center of the redemption activity. Farside Investors data showed that IBIT alone lost about $3.3 billion during the outflow streak, accounting for around three quarters of the total. Fidelity’s FBTC followed with about $456.6 million in net outflows, while Grayscale’s GBTC saw about $303.6 million leave the fund. IBIT had been one of the strongest asset-gathering products since the spot Bitcoin ETF launch, but in this round it became the fund with the largest redemptions.
Total Assets Shrink by About $21.5 Billion in Three Weeks
The impact of the outflows was amplified by the decline in Bitcoin’s price. Citing SoSoValue data, The Defiant reported that total assets across all U.S. spot Bitcoin ETFs dropped from about $104.29 billion on May 15 to about $82.83 billion on June 3. The roughly $21.5 billion contraction came from two forces at the same time: redemptions removed capital from the funds, and Bitcoin fell from above $80,000 to around $63,000, a drop of about 21%, reducing the market value of the underlying holdings.
Measured by Bitcoin holdings, the ETFs’ position fell to about 1.277 million BTC, around 7.2% below the peak reached in October 2025. These ETFs currently hold Bitcoin equal to about 6.36% of Bitcoin’s circulating market value, down from more than 7% at the mid-May high. One redemption on May 28 stood out in particular: 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 registered $2.43 billion in monthly net outflows, setting a new record for the largest monthly outflow. The final week alone accounted for $1.42 billion of that amount. The combination of investor redemptions and the concurrent Bitcoin price decline magnified the reduction in overall ETF size.
June Inflows Enter Standard Chartered’s Bottom Checklist
The shift began 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 minor relative to the size of the market, but the direction changed from outflow to inflow. On the same day, Ether ETFs also ended a 17-day run of consecutive outflows, posting $19.3 million in net inflows, all of which came from BlackRock’s ETHA.
The clearer signal 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 received inflows, while the other seven reported zero net flow, and none of the 12 products saw net outflows. That across-the-board absence of outflows became a clean trading-day sample for observers tracking whether 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 short Friday note to clients, Kendrick said crypto asset prices had reached the low of the current cycle, corresponding to Bitcoin at about $59,000, down 53% from the $126,000 high. He listed three indicators to confirm the view: Strategy reported that it had bought more Bitcoin the previous week, ETFs recorded positive inflows on Friday, and oil prices continued to fall. The note ended with the line: “Winter is over, welcome back to crypto spring.”
Still, one day of $85.84 million in inflows does not erase nearly $4.4 billion in withdrawals over three weeks. The importance of ETF flows to Bitcoin price action has grown. A calculation cited by Cryptopolitan said ETF flows can currently explain about 45% of Bitcoin’s weekly price movement. Since launching in January 2024, this group of Bitcoin ETFs still has more than $55 billion in cumulative net inflows and remains less than $10 billion away from its historical peak. Balchunas therefore described the $4.4 billion outflow as a meaningful reversal in momentum, rather than a structural collapse.