U.S. spot Bitcoin ETFs saw 13 consecutive trading days of net outflows from May 15 to June 3, totaling roughly $4.4 billion — the longest net-redemption streak since the products launched. The selling pressure pushed total net assets in the category down to $77.58 billion as of June 9, a level not seen since early November 2024.
The 13-day streak
Every trading day from mid-May through early June, investors pulled money out of spot Bitcoin ETFs without a single day of net inflows. That two-and-a-half-week run surpassed any previous outflow sequence since the Securities and Exchange Commission approved the funds in early 2024. By the time the streak ended on June 3, the cumulative redemptions had erased billions in assets under management.
Where the $4.4B went
BlackRock’s IBIT was by far the biggest contributor. The fund accounted for roughly $3.3 billion of the total outflows — about 75% of the entire streak. Grayscale’s GBTC, meanwhile, saw $303.6 million leave. Together, those two products drove the vast majority of the redemptions, though other spot Bitcoin ETFs also posted net outflows over the period.
XRP ETFs attract fresh capital
While Bitcoin ETFs bled, XRP ETFs took in money. In a single session around early June, XRP ETFs recorded about $4 million in fresh inflows, pushing cumulative inflows to nearly $1.5 billion by June 5. The pattern suggests investors rotated some capital out of Bitcoin exposure and into altcoin funds during the Bitcoin ETF weakness. XRP ETF cumulative inflows have now reached nearly $1.5 billion since launch, underscoring a shift in appetite toward altcoin exposure as Bitcoin ETF outflows persist.
