US spot Bitcoin ETFs posted a $696.3 million net outflow on Thursday, the largest single-day withdrawal recorded in June. Data from SoSoValue shows the latest wave of redemptions pushed total June net outflows to $3.61 billion, while cumulative net outflows since the start of the year climbed to $4.6 billion. The figures point to sustained sell-side pressure across the US spot Bitcoin ETF segment.
Over the same stretch, total net assets for US spot Bitcoin ETFs fell below $73 billion for the first time since the end of 2024. The report links the drop to rapid fund withdrawals and a sharp decline in Bitcoin’s price, both of which compressed the size of the sector. SoSoValue data also shows that net assets for the group peaked at $169.5 billion in October 2025. By Friday, that figure had fallen to about $72.6 billion, a decline of nearly 57% from the high.
Fund holdings and institutional demand weaken
Pressure is not limited to ETFs. WalletPilot data shows that funds held a combined 1.24 million BTC as of Tuesday. In the past month alone, about 63,500 BTC left institutional products. The article notes that this shift has drawn attention because it has moved in step with falling prices and appears to reflect a change in risk appetite among large investors. Since its October peak, Bitcoin has retraced by roughly 50%, adding strain to the ETF market.
Strategy slows its pace of accumulation
Strategy, described in the report as the world’s largest institutional holder of Bitcoin, also reduced its buying pace in June. Company filings show it acquired about 3,600 BTC since the start of the month. That compares with roughly 25,000 BTC purchased in May and more than 50,000 BTC in April. At the beginning of June, the company also recorded a rare net sale of 32 BTC, one of the few such moves during its long-running accumulation effort.
CryptoQuant analysts said questions are increasing around the timing of Strategy’s purchases and its risk management approach, with debate intensifying over the company’s broader Bitcoin accumulation plan. Its perpetual preferred stock STRC also came under pressure, closing Thursday at $75.69, below the stated $100 level, after a 6.37% daily decline. Bitcoin advocate Samson Mow said a balancing mechanism applies when STRC trades below $100, limiting new share issuance through the company’s ATM program and restraining additional supply.