U.S. spot Bitcoin ETFs have just come through the harshest redemption stretch since their January 2024 debut. From May 15 to June 3, the products posted 13 consecutive trading days of net outflows, with roughly $4.37 billion leaving the funds, close to the widely cited $4.4 billion figure. That amount was equal to about 59,000 BTC. At the same time, the decline in Bitcoin’s price intensified the contraction in assets under management: total assets across the U.S. spot Bitcoin ETF group fell from about $104.29 billion on May 15 to about $82.83 billion on June 3, a drop of around $21.5 billion in three weeks.
A 13-day outflow streak sets a new record
Fund flows are one of the clearest measures of how institutional exposure to Bitcoin is changing. Spot Bitcoin ETFs buy and sell Bitcoin as investors create or redeem shares, so inflows and outflows are tied directly to additions or reductions in fund holdings. According to Galaxy Research, the 13-day run of net outflows from May 15 to June 3 was the longest uninterrupted outflow streak for the U.S. spot Bitcoin ETF market since the products launched in January 2024.
The previous record came in February 2025, when the funds saw eight straight days of outflows totaling $3.2 billion. The latest run exceeded that prior mark in both duration and scale, reaching about $4.37 billion. Galaxy Research also noted that outflows over seven-day, 10-day and 20-day windows all hit historical highs during this period, showing that the selling pressure was not concentrated in a single session but persisted across multiple weeks. Bloomberg ETF analyst Eric Balchunas confirmed that the 2026 cumulative flow figure turned negative for the first time this year after the withdrawals.
IBIT leads the redemptions as assets shrink
BlackRock’s IBIT was the center of the redemption wave. Data from Farside Investors showed that IBIT alone lost about $3.3 billion during the outflow period, accounting for 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-gathering product since the spot Bitcoin ETF launch, but in this episode it became the main source of redemptions.
The decline in total ETF assets reflected both investor withdrawals and falling Bitcoin prices. The Defiant, citing SoSoValue data, reported that the combined assets of all U.S. spot Bitcoin ETFs dropped from about $104.29 billion on May 15 to about $82.83 billion on June 3. Over the same period, Bitcoin fell from above $80,000 to near $63,000, a decline of around 21%, reducing the market value of the BTC held by these funds. The redemptions and the price decline reinforced each other during the three-week drawdown.
Measured by holdings, the ETFs’ Bitcoin inventory fell to about 1.277 million BTC, around 7.2% below the peak reached in October 2025. These holdings currently represent about 6.36% of Bitcoin’s circulating market value, down from more than 7% at the mid-May high. One redemption stood out in particular: on May 28, BlackRock’s IBIT recorded $527.8 million in net outflows, the second-largest single-day redemption in the fund’s history. Across May as a whole, U.S. Bitcoin ETFs posted $2.43 billion in monthly net outflows, setting a record for the largest monthly withdrawal, with the final week alone accounting for $1.42 billion.
Flows turn in early June, with all 12 funds avoiding outflows
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 tiny compared with the size of the market, but the direction changed. On the same day, Ethereum ETFs also ended a 17-day run of outflows, taking in $19.3 million, all of which came from BlackRock’s ETHA.
The session that institutions treated as a clearer signal came on June 12. SoSoValue data showed that U.S. spot Bitcoin ETFs posted $85.84 million in net inflows that day. Five funds recorded inflows, while the other seven had zero net flow. None of the 12 products posted a net outflow. For market participants watching whether selling pressure had eased, a day in which every product avoided outflows offered a clean data point.
Standard Chartered includes the inflow in its bottom checklist
Geoff Kendrick, global head of digital assets research at Standard Chartered, included the June 12 ETF inflow in his list of evidence that Bitcoin had found a bottom. In a brief note to clients on Friday, Kendrick said crypto asset prices had reached the low of this cycle, corresponding to Bitcoin at about $59,000, down 53% from the $126,000 high. He cited three items for confirmation: Strategy reported that it had bought Bitcoin again the previous week, ETFs posted positive inflows on Friday, and oil prices continued to decline. The note ended with the line: “The winter is over, welcome back to crypto spring.”
A single $85.84 million inflow does not erase the roughly $4.4 billion that left the funds over the prior three weeks. It does, however, mark a halt in the continuous wave of redemptions. A calculation cited by Cryptopolitan found that ETF flows now explain about 45% of Bitcoin’s weekly price movements. Since their January 2024 launch, U.S. spot Bitcoin ETFs still have more than $55 billion in cumulative net inflows, 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.