In brief – U.S. spot Bitcoin ETFs have shed $2.1B in June, pacing May’s $2.4B total outflows. – Net assets declined $33B from $109B to $77B in the past month, in line with Bitcoin’s 27% drop. – Analysts argued that the pace of ETF outflows is “exhausting rather than building,”…
t offered differing views on what could turn things around. The crypto market outlook remains gloomy as spot Bitcoin ETFs continue to bleed against a challenging macroeconomic and geopolitical backdrop
Bitcoin ETFs have shed $2.1 billion in June so far, pacing May’s $2.4 billion outflows, according to SoSoValue data. Wednesday’s $214 million outflow shows the trend remains intact even after the June 4 inflow blip broke the 13-day losing streak that drained roughly $4.4 billion from these products. Since May 10, the total net assets have declined by roughly $33 billion from $109 billion to $77 billion, in line with Bitcoin’s 27% drop from its May 10 peak of $81,443 to lows of $59,353.
Despite the sustained negative trend, the pace of ETF outflows has “moderated materially,” Adam Haeems, head of asset management at Tesseract Group, told Decrypt. “The pressure has not cleanly stabilised yet, but it is exhausting rather than building.” Behind the ETF curtain According to Haeems, there are three reasons behind the outflow streak: leveraged funds redeeming shares after arbitraging spot ETFs against futures, long migration out of the highest-fee fund among the U.S. spot products, which has now surrendered nearly $27 billion since launch, and capital rotating toward AI equities and upcoming tech IPOs. “The first two are mechanical and self-limiting. The third is the one we watch, because it is about risk appetite rather than market structure,” he said. “Several other funds took net inflows on Monday even while the headline stayed negative, which tells you the selling is concentrated rather than general.” The outflows are driven mainly by uncertainty stemming from the U.S.-Israel war with Iran,…