US spot Bitcoin ETFs have just gone through their harshest withdrawal streak since launch. According to TechFlow, the products recorded net outflows for 13 consecutive trading days from May 15 to June 3, with cumulative withdrawals of about $4.37 billion, equal to roughly 59,000 BTC under the reported calculation. Combined with a simultaneous decline in Bitcoin’s price, the total assets held by these ETFs fell from about $104.29 billion to about $82.83 billion in three weeks, a contraction of roughly $21.5 billion.
Thirteen Trading Days Set a New Outflow Record
Fund flows are one of the most direct ways to track how institutional exposure to Bitcoin is changing. Spot Bitcoin ETFs buy or sell the underlying asset as investors create or redeem shares, so inflows and outflows translate into additions to or reductions in ETF-held Bitcoin. Galaxy Research data showed that the May 15 to June 3 stretch was the longest continuous net outflow period since the US spot Bitcoin ETF group launched in January 2024. The previous record was eight days and $3.2 billion in February 2025, a mark surpassed during the latest withdrawal cycle.
Galaxy Research also said outflows over seven-day, ten-day, and twenty-day windows all reached historical highs during this period. That detail indicates the selling pressure was not confined to a single trading session, but persisted over an extended period. The wave of redemptions also pushed the 2026 cumulative net flow for the products 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 was the center of the redemption pressure. Farside Investors data showed 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 outflows, while Grayscale’s GBTC recorded about $303.6 million. IBIT had previously been the strongest asset-gathering product among the spot Bitcoin ETFs since launch, but in this episode it became the main source of redemptions.
Redemptions and Bitcoin’s Price Drop Shrink ETF Assets
The impact of the outflows was amplified by the decline in Bitcoin’s market price over the same period. Citing SoSoValue data, The Defiant reported that the total asset size of all US spot Bitcoin ETFs fell from about $104.29 billion on May 15 to about $82.83 billion on June 3. The approximately $21.5 billion decline came from two forces moving at the same time: investor redemptions directly removed capital, while Bitcoin fell from above $80,000 to around $63,000, a decline of about 21%, reducing the market value of the funds’ holdings.
In terms of coin holdings, the ETFs’ Bitcoin balances declined to about 1.277 million BTC, roughly 7.2% below the peak reached in October 2025. The Bitcoin held by these ETFs now represents about 6.36% of Bitcoin’s circulating market capitalization, down from more than 7% at the mid-May high. One redemption on May 28 was especially large: BlackRock’s IBIT posted a single-day net outflow of $527.8 million, the second-largest daily redemption in the fund’s history. Across May as a whole, US Bitcoin ETFs recorded $2.43 billion in monthly net outflows, setting a new monthly outflow record, with $1.42 billion of that amount coming in the final week.
June 12 Brings a Clean No-Outflow Day
The direction began to shift in early June. On June 5, US spot Bitcoin ETFs ended the 13-day outflow streak with a modest $3.05 million net inflow. The figure was small relative to the size of the market, but the sign changed from negative to positive. On the same day, Ethereum ETFs also ended 17 consecutive days of outflows, bringing in $19.3 million, all of which came from BlackRock’s ETHA.
The data point that drew more attention from institutions came on June 12, a Friday. SoSoValue data showed that US spot Bitcoin ETFs recorded a single-day net inflow of $85.84 million. Five funds saw inflows, while the other seven registered zero net movement, and none of the 12 products posted a net outflow. This type of clean session, in which every fund avoids redemptions, is used by bullish observers to evaluate whether selling pressure has eased.
Geoff Kendrick, global head of digital asset research at Standard Chartered, included the June 12 ETF reading in his Bitcoin bottom checklist. In a brief note to clients on Friday, Kendrick said crypto asset prices had reached the low of the current cycle, corresponding to Bitcoin near $59,000, down 53% from a $126,000 high. He cited three confirmation indicators: Strategy reported that it had bought more Bitcoin the previous week, ETFs recorded positive inflows on Friday, and oil prices continued to move lower. The note ended with the line: “The winter is over, welcome back to crypto spring.”
A single $85.84 million inflow does not reverse roughly $4.4 billion in withdrawals over three weeks, but it does provide a new starting point for observing whether redemption pressure has peaked. Cryptopolitan cited calculations indicating that ETF flows currently explain about 45% of Bitcoin’s weekly price movement. Since their January 2024 launch, US spot Bitcoin ETFs still have more than $55 billion in cumulative net inflows, less than $10 billion away from their historical peak. Balchunas therefore described the $4.4 billion outflow as a meaningful momentum reversal rather than a structural collapse.