US spot Bitcoin ETFs just logged their sharpest monthly pullback since launch. Galaxy Research said the group recorded $6.35 billion in net outflows over the last 30 days, making it the worst stretch among 582 rolling 30-day periods tracked since spot Bitcoin ETFs began trading in the US.
Six straight weeks of redemptions cut into cumulative inflows
According to Galaxy Research, the products have now posted net outflows for six consecutive weeks. That run pushed cumulative net inflows down from a peak of nearly $63 billion in October 2025 to $53.4 billion. The firm also said daily outflow figures have become more pronounced.
Some market analysts linked the move to a more cautious institutional stance toward Bitcoin. At the same time, the report noted that daily ETF flow data does not always capture institutional views on the broader digital asset segment in full.
BlackRock says flows can reflect rotation, not only sentiment
Jay Jacobs, Head of US Equity ETFs at BlackRock, offered a different interpretation. He said ETF outflows should not be read only as a negative signal on Bitcoin, because investors often rebalance capital across products with similar structures or shift into newer funds.
Jacobs pointed to the recently launched BlackRock iShares Bitcoin Premium Income ETF as one example of where some reallocations may be heading. He also reiterated BlackRock’s view of Bitcoin as a decentralized, global monetary asset and said inflows and outflows are routine across ETF categories.
Bitcoin trades near $64,258 as volatility stays elevated
During the latest withdrawal wave, Bitcoin price action remained volatile. At the time cited in the report, Bitcoin traded around $64,258, with $27.48 billion in 24-hour trading volume. Its total market capitalization stood near $1.29 trillion, while market dominance was listed at 58.94%.
Over the past month, Bitcoin has fallen about 17.4%. Analysts in the report tied the recent pressure to persistent high inflation and rising geopolitical tensions between the United States and Iran. Galaxy Research added that interest in digital assets remains in place even as ETF money has moved out, with new crypto investment vehicles still coming to market.