US spot Bitcoin and Ethereum ETFs recorded a combined $103.5 million in net outflows on June 18, as investor flows continued to fluctuate between gains and losses amid an uncertain market backdrop.

Bitcoin ETFs accounted for the majority of withdrawals, posting $90.7 million in net outflows, according to Farside data. Ether ETFs saw an additional $12.8 million in net outflows.

BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) led the withdrawals across both asset classes.

A volatile year for ETF flows

Despite cumulative net inflows for Bitcoin ETFs surpassing $53 billion by mid-June, the path to that figure has been jagged. Multiple multi-week outflow periods totaling billions of dollars have punctuated the year.

The key issuers tell a familiar story. BlackRock (IBIT for Bitcoin, ETHA for Ethereum), Grayscale (GBTC and ETHE/ETH), and Fidelity (FBTC and FETH) remain the dominant players in the spot ETF landscape.

What this means for investors

There’s also an emerging trend worth watching: the rotation into altcoin ETFs. Products tracking assets like XRP and Solana have been attracting attention as investors look beyond the two largest tokens for returns.

When Bitcoin ETFs lose $90 million in a day, that translates to real selling in spot markets, as ETF issuers need to liquidate holdings to meet redemptions. The $4.4 billion that left Bitcoin ETFs during the prior streak created material downward pressure on price.