Key facts
- US spot bitcoin ETFs saw record net outflows of $4.5 billion in June.
- This marks the worst month for these ETFs since their launch in January 2024.
- BlackRock's IBIT, the largest fund, accounted for $3.55 billion of the outflows.
- Total assets under management for these ETFs fell to about $71 billion from $83 billion.
- Bitcoin's price has fallen approximately 30% in the first half of 2026.
U.S. spot bitcoin exchange-traded funds (ETFs) experienced their worst month on record in June, with net outflows totaling $4.5 billion. This figure surpasses the previous record of $3.48 billion in February 2025 by 29%.
BlackRock's iShares Bitcoin Trust (IBIT), the largest fund by assets, was responsible for $3.55 billion of the monthly outflows. This included $212 million on June 30, marking the ninth consecutive day of net outflows for the fund. Consequently, total assets managed by these ETFs have fallen to approximately $71 billion from around $83 billion at the beginning of June.
Analysts suggest that two key events may have contributed to this trend. The initial public offering of SpaceX on June 12, which reportedly absorbed billions in risk capital and set new retail buying records, and a Federal Reserve meeting five days later where Chair Kevin Warsh's comments shifted the outlook towards potential rate hikes, removing rate cuts from consideration. These events may have prompted institutions to reduce their exposure to volatile assets like bitcoin.
The outflows in June followed $2.43 billion in net redemptions in May, bringing the total outflows for the two-month period to nearly $6.5 billion. On a year-to-date basis, net outflows for the first half of 2026 have reached approximately $5 billion. This significant reduction in institutional demand has coincided with a roughly 30% decline in bitcoin's price during the first half of the year, underperforming most major asset classes except for MicroStrategy (MSTR), whose shares have fallen by 45%.