US spot Bitcoin ETFs have just gone through their harshest redemption cycle since launch. From May 15 to June 3, the products recorded 13 consecutive trading days of net outflows totaling about $4.37 billion, equal to roughly 59,000 BTC. As Bitcoin’s price fell during the same period, total assets across the ETFs dropped from about $104.29 billion to about $82.83 billion in three weeks. On June 12, however, none of the 12 funds posted a net outflow, while the group recorded a single-day net inflow of $85.84 million. Standard Chartered listed that shift as one of its pieces of evidence that Bitcoin had already found a bottom.
The longest outflow streak since the ETFs launched
Fund flows are one of the most direct gauges of institutional positioning in Bitcoin. These ETFs buy and sell spot Bitcoin in line with investor creations and redemptions, so inflows and outflows correspond to increases and reductions in fund holdings. According to Galaxy Research, the 13-trading-day net outflow streak from May 15 to June 3 was the longest withdrawal period since this group of products began trading in January 2024. The previous record was set in February 2025, when the funds saw eight straight days of outflows totaling $3.2 billion. The latest streak exceeded that earlier figure by a wide margin.
Galaxy Research also noted that outflows across several rolling windows, including seven-day, 10-day and 20-day periods, reached new highs during this stretch. That indicates the selling pressure was not concentrated in a single session but persisted over a longer span. The withdrawals also pushed 2026 cumulative net flows for US spot Bitcoin ETFs into negative territory for the first time this year. Bloomberg ETF analyst Eric Balchunas confirmed that year-to-date flows had turned negative for the first time in 2026.
BlackRock’s IBIT was the center of the redemptions. Farside Investors data shows that IBIT alone saw about $3.3 billion leave during the outflow period, accounting for roughly three quarters of the total. Fidelity’s FBTC followed with about $456.6 million in net outflows, while Grayscale’s GBTC recorded about $303.6 million in net outflows. IBIT had been the strongest asset gatherer among the US spot Bitcoin ETFs since launch, but during this drawdown it became the main source of redemptions.
Assets fell by about $21.5 billion in three weeks
The impact of the withdrawals was amplified by the concurrent drop in Bitcoin’s price. The Defiant, citing SoSoValue data, reported that total assets across all US 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 in three weeks. The contraction came from two forces at once: 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 the ETFs’ holdings.
By holdings, the ETFs’ Bitcoin position fell to about 1.277 million BTC, around 7.2% below the October 2025 peak. These 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 in a single day. That was the fund’s second-largest daily redemption on record. Across May as a whole, US Bitcoin ETFs recorded $2.43 billion in monthly net outflows, the largest monthly outflow total yet, with the final week contributing $1.42 billion of that amount.
June inflows entered Standard Chartered’s bottom checklist
The shift began in early June. On June 5, US spot Bitcoin ETFs ended the 13-day outflow streak with a small net inflow of $3.05 million. That amount was minimal relative to the size of the market, but the direction changed. On the same day, Ethereum ETFs also ended 17 consecutive days of outflows, recording $19.3 million in net inflows, all of which came from BlackRock’s ETHA fund.
The data point that drew more institutional attention came on June 12, a Friday. SoSoValue data shows that US spot Bitcoin ETFs recorded $85.84 million in net inflows that day. Five funds attracted inflows, while the other seven recorded zero net movement. No fund reported a net outflow. For observers tracking whether selling pressure had eased, the absence of outflows across all 12 products created a cleaner trading-day signal.
Geoff Kendrick, global head of digital assets research at Standard Chartered, included the June 12 ETF data in his Bitcoin bottom checklist. In a short note to clients on Friday, Kendrick said crypto asset prices had already seen the low of the current cycle, corresponding to Bitcoin at about $59,000, down 53% from the $126,000 high. He named three indicators to confirm that view: Strategy reported that it had bought more Bitcoin the previous week, ETFs recorded positive inflows on Friday, and oil prices continued to fall. He closed the report with the line: “The winter is over. Welcome back to crypto spring.”
A single day of $85.84 million in inflows does not erase three weeks of withdrawals totaling about $4.4 billion, but it provides a new session for assessing whether selling pressure has eased. A calculation cited by Cryptopolitan said ETF flows currently explain about 45% of Bitcoin’s weekly price movement. Since their January 2024 launch, US 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.