Bitcoin exchange-traded funds have lost more than $8 billion in investor money over the past two months, a sharp reversal from the record inflows seen earlier this year. The outflows, which ran from mid-May through mid-July, cut cumulative net inflows from $59.34 billion to $51.22 billion. Meanwhile, the largest gold ETF, GLD, has seen $14.4 billion exit since March 1 — including a record $8.5 billion in March alone — but its June outflow of $3.2 billion was actually smaller than the $4.5 billion that left Bitcoin ETFs that same month.
Bitcoin ETFs hit by price rejection
The selling pressure on Bitcoin ETFs tracks the price action. Bitcoin was rejected at $83,000 in mid-May and then plunged to a multi-year low of $57,700 on July 1. That 30% drop in roughly six weeks spooked ETF holders, who pulled money out at an accelerating pace. June alone saw over $4.5 billion in redemptions, the worst month on record for the products.
Gold's bigger total, but slowing bleed
GLD, which holds about $130 billion in assets — more than twice the combined AUM of all spot Bitcoin ETFs — has been bleeding since March. The outflows peaked in March at $8.5 billion, then slowed to $1.7 billion in April, $872 million in May, and $3.2 billion in June. By mid-July, the pace had dropped to under $50 million. Gold's price fell nearly 30% from its late-January peak of $5,600 an ounce to around $4,000 by mid-July.
June crossover: Bitcoin ETF outflows top gold's
For one month at least, Bitcoin ETFs saw more money leave than the gold fund did. June's $4.5 billion in Bitcoin ETF outflows easily beat GLD's $3.2 billion. That's a notable shift, even if gold's total outflows since March remain larger. Since the October 2025 peak, all Bitcoin ETFs have lost a combined $9.6 billion, compared to GLD's $14.4 billion since March 1.
The question now is whether the selling has run its course. Bitcoin's price has bounced slightly from the July 1 low, but ETF flows will be the real tell. If outflows continue into August, the cumulative net inflow could dip below $50 billion for the first time since early 2025.
