The spot exchange-traded funds that track the world’s largest cryptocurrency generally reflect how Bitcoin’s price moves, unlike many altcoins. So it’s unsurprising that during a week when BTC fell to a 19-month low, these ETFs suffered significant net outflows — the second-largest on record.
Bitcoin ETFs Suffered Heavy Outflows
Data from SoSoValue reveals a stark trend. Bitcoin ETFs have posted four consecutive weeks of substantial redemptions, each week totaling billions of dollars. Even more concerning is that net withdrawals accelerated week by week, peaking in the most recent trading week with $1.72 billion withdrawn from these funds. This marked the second-worst weekly outflow in their roughly 2.5-year history, surpassed only by a week in February of last year.
Over this four-week span, cumulative net inflows fell sharply, dropping from $59.34 billion to $53.94 billion. The current sequence of outflows is even deeper than the period following the early October crash, when overly leveraged traders were wiped out — a day that saw roughly $19 billion in liquidations and sharply negative market sentiment.
Viewed on a daily basis across the recent stretch, the severity becomes clearer. Aside from June 4, when net inflows were modestly positive at $3.05 million, the other trading days recorded heavy withdrawals. June 2 stood out with the largest single-day redemptions, roughly $519 million.
Between May 15 and June 5, only that $3.05 million inflow on June 4 was positive; all other days in that window were net outflows.
Bitcoin Price Hits New Lows
While investors pulled capital from ETFs en masse, Bitcoin’s market price entered a steep decline. The week—and month—began near $73,000 before bearish pressure took control and triggered several consecutive sell-offs that culminated later in the week.
After multiple attempts by bulls to hold the $60,000 support level, including during the early February sell-off, that level finally broke recently. Bitcoin slid to around $59,100 — its lowest point since just before the U.S. presidential election cycle in late 2024.
The ETF outflows were a major contributing factor to the price drop, but the sell-off did not occur in isolation. Most financial markets weakened as well on Friday following a U.S. jobs report that many interpreted in ways that sparked a broader market tumble.