U.S. spot bitcoin ETFs have seen $4.06 billion in net outflows this month, according to data from SoSoValue. This is the largest monthly redemption on record, surpassing the previous high of $3.56 billion in February 2025.
Last week, the funds recorded redemptions of around $1.79 billion, the second-highest weekly outflow since trading began in January 2024. (These figures could vary slightly depending on flows from the last two trading days of the month.)
This trend runs counter to expectations earlier in the month of renewed demand following SpaceX’s June 12 IPO.
Spot ETFs serve as a widely followed barometer for institutional investors seeking regulated exposure to bitcoin without directly owning the cryptocurrency.
June’s capital outflows followed net redemptions of $2.43 billion in May, bringing the two-month total closer to $6.5 billion. That figure is comparable to the current market capitalization of zcash (ZEC), currently ranked among the world’s 15 largest cryptocurrencies by market capitalization.
So far this year, net outflows amount to approximately $5 billion in the first half of 2026.
The impact of this collapse in institutional demand is evident in the performance of the price of bitcoin, which has fallen around 30% in the first half, underperforming almost all major asset classes except strategic (MSTR). Shares of the bitcoin-listed company have plummeted 45%.
