US spot Bitcoin ETFs saw a record $6.35 billion in net outflows over the past 30 days, the worst stretch since the funds launched in January 2024, according to Galaxy Research. The withdrawals have now run for six consecutive weeks, with the total topping every other rolling 30-day window the firm has tracked.
The scale of the outflow
Galaxy Research examined 582 rolling 30-day windows since the ETFs debuted. None came close to the current figure. Overall net inflows across all spot Bitcoin ETFs still stand at $53.4 billion, per Farside Investors, but the recent exodus has erased a chunk of that. BlackRock's IBIT alone has pulled in $62.1 billion in net inflows since launch — a number that makes the recent outflow look more like a correction than a crisis. Grayscale's GBTC, by contrast, has bled $27 billion in net outflows, largely due to its 1.5% fee compared to IBIT's 0.25%.
Why the money left
The outflows track a broader risk-off move across markets. Higher Treasury yields, fading hopes for rate cuts, and renewed geopolitical tensions have pushed investors toward cash. Bitcoin's price dropped about 17% over the past month and was near $64,260 as of this week — roughly 49% below its all-time high of $126,080 reached on October 6, 2025. On June 18, BlackRock's IBIT saw $96.7 million in redemptions, a single-day figure that outweighed the combined flows of every other Bitcoin ETF that day.
A cooling pace
The pace of withdrawals has slowed sharply in recent days. Weekly outflows fell 87% from their early-June peak, dropping from $1.72 billion to about $226 million. That suggests the selling wave may have largely passed, or at least that the marginal seller has become harder to find. Bitcoin has held near $64,000 during the slowdown, a sign that long-term holders have absorbed the supply released by ETF managers.
The six-week run is the longest sustained outflow streak for the ETFs. Whether it extends depends on macro conditions — Treasury yields remain elevated and the Fed has given no clear signal on rate cuts. For now, the data shows the bleeding is slowing, but the record is already in the books. No major catalyst is on the immediate horizon to reverse the trend, though the resilience of Bitcoin's price near $64,000 offers a modest counterpoint to the gloom.
