US spot Bitcoin ETFs logged $4.5 billion in net outflows in June, their worst month since launching in January 2024. The exodus came as Bitcoin slid 20.48% in June and touched a 21-month low of $58,190 on July 1. The selloff also dragged down leveraged futures open interest, which fell from about $31.3 billion.
The worst month for spot ETFs
The $4.5 billion outflow figure marks a sharp reversal from the inflows that characterized much of the first half of 2026. June's redemptions surpassed the previous monthly record set in March, when outflows hit $2.1 billion. The products, which debuted in early 2024, had seen steady demand from institutional investors until this spring's downturn.
Bitcoin's slide and the analyst response
Bitcoin's 20.48% monthly drop was its steepest since November 2022. The July 1 low of $58,190 was the lowest price since October 2024. In response, Citigroup cut its 12-month Bitcoin target to $82,000 from $112,000, reflecting a more cautious outlook on the asset's near-term recovery prospects.
Leveraged positions unwind
Open interest in Bitcoin leveraged futures fell from roughly $31.3 billion as traders closed out positions during the rout. The decline suggests a broad deleveraging across the market, with margin calls and forced liquidations likely contributing to the selling pressure. The drop in open interest also points to reduced speculative appetite, at least for now.
Whether the ETF outflows will persist into July remains an open question. The July 1 low of $58,190 is a key level traders are watching. If Bitcoin holds above that, some analysts expect a stabilization. If it breaks lower, the outflows could accelerate.
