There was a continuous outflow of money from spot Bitcoin ETFs for 13 days. Total outflow reached $4.4 billion, making the streak the longest uninterrupted outflow period on record since the products began trading. The data indicated that demand for institutional investors to access Bitcoin through regulated channels has weakened in the short term.
The largest share in outflows was collected by the BlackRock fund
On June 3, $396.6 million came out of spot Bitcoin ETFs in a single day. The total outflow in the last 13-day period was calculated as approximately 4.4 billion dollars. According to Galaxy Research data, 73,080 BTC were withdrawn from funds in a broader, 20-day window. The dollar equivalent of this amount was approximately 5.42 billion dollars. An outflow of 39,338 BTC was recorded in the last 7 days and 42,941 BTC in the last 10 days.
The majority of the outflows were concentrated in BlackRock’s iShares Bitcoin Trust fund. IBIT accounted for nearly 75% of the total movement, with outflows of approximately $3.3 billion over the 13-day period, according to data from Farside Investors. In the same period, there was an outflow of $456.6 million for Fidelity Wise Origin Bitcoin Fund and $303.6 million for Grayscale Bitcoin Trust ETF.
| Fund | Exit |
|---|---|
| BlackRock IBIT | $3.3 billion |
| Fidelity FBTC | $456.6 million |
| Grayscale GBTC | $303.6 million |
The point that attracted attention in the market was not only the size of the numbers. The reversal of direction in IBIT, which has been seen as one of the most powerful accumulation tools since the beginning, had a more significant impact on the general market perception.
CryptoQuant founder Ki Young Ju said the sales by long-time Bitcoin investors and miners are part of a broader shift in which assets are shifting hands to traditional financial institutions, investors and ETFs in the United States.
Price decline and weakening demand were effective
Weakening demand, declining prices and market positioning are considered to be effective behind the outflows. The outflows continued uninterrupted for 13 days, suggesting that this may be linked to a more permanent decline in risk appetite rather than a one-off portfolio adjustment.
Bitcoin price dropped nearly 20% from $81,634 on May 15 to $65,315 on June 16. It was stated that this withdrawal may have led institutions to reduce positions, rebalance their portfolios or tend to maintain previous gains.
According to CryptoQuant research manager Julio Moreno, total Bitcoin demand has decreased by approximately 501,000 BTC in the last month. This decline was recorded as the fastest monthly decline since May 2022 and revealed a picture similar to the market stress seen after the Terra Luna crisis.
Bloomberg ETF analyst Eric Balchunas emphasized that large institutional buyers, including Bitcoin ETFs and Michael Saylor’s Strategy company, remained net buyers despite the recent outflows.
Effects on liquidity and market sentiment are monitored
The continued outflow of money from ETFs could create additional selling pressure in the short term as it could cause issuers to sell Bitcoin in the spot market. In an environment where demand is weak, this situation tightens liquidity and may cause prices to become more sensitive to negative developments.
However, it is a reminder that ETF money flows often come behind the price movement, not ahead of it. For this reason, it is considered that the current outflows may be the result of the decline in Bitcoin rather than the cause. Whether ETF flows will be balanced in the coming period will be monitored together with macroeconomic conditions, price trend and on-chain data.
