Bitcoin spot ETFs see $231M outflow as Ethereum ETFs lose $30M in eighth straight day of withdrawals
June is shaping up to be the worst month for US spot Bitcoin ETFs since they launched in January 2024, with outflows approaching $4 billion
US spot Bitcoin ETFs hemorrhaged $231 million on June 29, extending a painful streak to eight consecutive days of net withdrawals. Spot Ethereum ETFs joined the exodus with $30 million leaving the same day, according to data from SoSoValue.
The June rout by the numbers
The $231 million Bitcoin outflow on June 29 wasn’t even the worst single day this month. On June 10, Bitcoin ETFs saw $214 million in redemptions while Ethereum products lost $35.6 million.
June 2026 is on pace for over $4 billion in total outflows from US spot Bitcoin ETFs. That would make it the largest monthly decline since these products first hit the market in January 2024.
BlackRock’s IBIT, the dominant fund in the space, has been a significant contributor to the recent redemptions.
On the Ethereum side, the $30.043 million net outflow on June 29 is smaller in absolute terms but still part of a broader negative trend. Ethereum ETFs have historically shown mixed flow patterns, oscillating between modest inflows and outflows. But June has tilted firmly negative.
What’s driving the pullback
The short answer: macroeconomics. Rising interest rates make safe-haven assets like Treasury bonds more attractive relative to volatile ones like crypto. When a money market fund pays you a competitive yield for doing essentially nothing, the case for sitting in Bitcoin through a choppy stretch gets harder to make, especially for institutional allocators who answer to risk committees and compliance officers.
What’s changed is the duration and consistency of the selling. Previous outflow episodes tended to reverse within a few days as dip-buyers stepped in. Eight straight days without a positive session suggests something more structural is happening beneath the surface.
What this means for investors
For traders watching this space, a few things are worth monitoring closely. First, whether the outflow streak breaks. Second, keep an eye on IBIT specifically. BlackRock’s fund is the bellwether for institutional sentiment in crypto ETFs.
Third, watch the macro calendar. Any shift in Fed rate expectations, whether from economic data surprises or central bank commentary, could rapidly change the calculus for institutional allocators. Crypto’s correlation with rate-sensitive assets means that a dovish surprise could reverse outflows just as quickly as hawkish expectations triggered them.