U.S. spot bitcoin ETFs have recorded $4.06 billion in net outflows this month, according to data from SoSoValue. It marks the largest monthly redemption on record, surpassing the previous high of $3.56 billion in February 2025.
Last week, the funds saw redemptions of about $1.79 billion, the second-highest weekly outflows since trading began in January 2024. (These numbers could change slightly based on flows during the last two trading days of the month).
This trend is contrary to expectations early in the month of renewed demand following SpaceX’s June 12 IPO.
Spot ETFs serve as a widely followed barometer for institutional investors seeking regulated exposure to bitcoin without directly holding the cryptocurrency.
June’s outflow followed $2.43 billion in net redemptions in May, bringing the combined two-month total close to $6.5 billion. This figure can be compared to the current market cap of zcash (ZEC), which is currently ranked among the world’s top 15 cryptocurrencies by market capitalization.
On a year-to-date basis, net outflows equate to about $5 billion in the first half of 2026.
The impact of this collapse in institutional demand is evident in bitcoin’s price performance, which is down around 30% in the first half of the year, underperforming almost all major asset classes except Strategy (MSTR). Shares in the listed company that owns bitcoins have fallen by 45 percent.
