While demand in global bitcoin investment instruments weakened, net flow in the last year turned negative again with the increase in buybacks. According to Norway-based digital asset research and brokerage company K33, this indicator fell into the negative zone for the first time since November 4, 2023. During the same period, the Bitcoin price dropped 6% on a weekly basis, falling below $62,000.
Annual flow turned negative again
K33 Research Head Vetle Lunde announced that as of June 18, the hypothetical one-year net flow decreased to minus 1,176 BTC. The calculation in question covers bitcoin-focused investment instruments, including exchange-traded products and futures-based funds.
The company stated that the last negative data in this indicator was seen on November 4, 2023. It was reported that the ongoing outflows from global bitcoin ETPs were effective in the latest decline. ETP is known as a general framework used for investment products that are traded on the stock exchange and track the performance of the underlying asset.
Mini dictionary: ETP stands for exchange-traded product. While ETF is a subtype of this group, ETP as a broader classification can encompass different instruments that track commodities, crypto assets or indices.
Lunde also compared this picture to the previous bear market. Accordingly, the previous period when one-year flows turned negative for the last time was October 21, 2022, and Bitcoin then formed the bottom region within a few weeks. However, it was noted that there were significant differences in terms of fund structure between the current period and that period.
Vetle Lunde emphasized that there were structural differences between the two periods and reminded that the flows in 2020 and 2021 were mainly shaped around Grayscale’s closed-end GBTC product.
ETP assets fall short of peak
According to K33 data, global bitcoin ETPs currently hold a total of 1,466,029 BTC. This amount is 127,774 BTC below the previous peak. In other words, there was an 8% decline in total assets. The company said this was the largest proportional decline it had ever tracked.
| Indicator | Data |
|---|---|
| One year net flow | Minus 1,176 BTC |
| Global bitcoin ETP presence | 1,466,029 BTC |
| Difference from peak | 127,774 BTC |
| Withdrawal rate | 8% |
Lunde said the data points to a broad-based unraveling among ETP investors. However, it has also been observed that the exit rate has slowed down in the last two weeks. While the daily average outflow decreased to 625 BTC, this figure was 4,462 BTC in the period between May 11 and June 5.
Selling pressure weakened but balance remained fragile
The company stated that the slowdown in the exit rate helped Bitcoin find balance after the sharper sales seen in May and June. However, it was stated that the general flow outlook is still negative. Lunde noted that ETPs maintained 92% of their peak asset level in October 2025, although Bitcoin has fallen 50% in dollar terms since the same period.
It was also reported that Bitcoin fell 60% against the QQQ index in the same time period. This comparison points to weaker performance compared to big tech stocks. It was also observed that the trading appetite in the spot bitcoin market decreased. Average daily volume fell to $1.99 billion, the third lowest level in the last year.
Lunde said that the number of determined sellers and determined buyers in the market remains limited, so the balance seems fragile and volatility may increase again when there is a strong belief in direction.
K33 also pointed out that there was pressure on Strategy’s privileged share structure. While STRC fell below $90 last week, it was stated that its annual dividend obligation reached approximately $1.7 billion.
