US spot Bitcoin ETFs recorded $4.06 billion in net outflows in June, breaking the previous record of $3.56 billion set in February 2025. Data cited from SoSoValue shows that, as of June 29, the category was on track for its weakest month since spot Bitcoin ETFs launched in January 2024. In the week of June 22 to 26 alone, net outflows reached about $1.79 billion, the second-largest weekly withdrawal on record.
May and June combined outflows reached $6.49 billion
The June figure did not come in isolation. May had already seen $2.43 billion in net outflows, bringing the two-month total to $6.49 billion. The source article said that amount is close to the entire market capitalization of Zcash (ZEC). On a year-to-date basis, spot Bitcoin ETFs posted roughly $5 billion in net outflows in the first half of 2026, a sharp reversal from the strong inflows seen after the products first came to market in 2024.
SpaceX IPO failed to revive appetite for crypto ETFs
The report said the market had expected SpaceX’s IPO on June 12 to help renew institutional interest in crypto assets. That did not happen. Instead, spot Bitcoin ETF outflows accelerated after the listing. Analysts cited in the source argued that, during a period of rising macro uncertainty, institutional investors favored new-economy assets with clearer cash flow and business models over crypto assets, which carry higher volatility.
The article also pointed to capital allocation trends in Taiwan, where funds have been moving toward ETF products linked to major US technology stocks, including 00757 and 00909. In that framing, crypto-linked ETF demand is facing pressure from the same draw toward large-cap tech exposure.
Bitcoin fell about 30% in H1, while MSTR dropped 45%
The weakness in fund flows has also shown up in prices. According to the source, Bitcoin declined about 30% in the first half of 2026. Strategy, formerly MicroStrategy and listed under MSTR, fell 45% over the same period. The article described MSTR as a leveraged expression of Bitcoin ETF pressure, with losses tending to widen when institutions sell both ETF holdings and Bitcoin-linked equities at the same time.
There were still signs of buying from some corners. The report cited an earlier Fidelity note saying the number of publicly traded companies holding more than 1,000 BTC had doubled over the past year, and those firms now control nearly 6% of Bitcoin supply. Even so, that demand has not been enough to offset persistent selling through the ETF channel.
Market watching final June trading days for any slowdown in outflows
At the time of publication, Bitcoin was quoted at $59,727, down 0.59% over 24 hours. The source noted that the last two trading days of June could still shift the final monthly number slightly, but not enough to change the broader picture of heavy withdrawals. The near-term focus is whether ETF outflows begin to moderate in July.