U.S. spot bitcoin ETFs are on track for their worst month on record, with net outflows reaching $4.06 billion so far in June, according to SoSoValue. The monthly tally has already surpassed the previous record of $3.56 billion set in February 2025.
The funds also posted their second-largest weekly redemption on record last week, with investors withdrawing about $1.79 billion.
Investors pull $5 billion from U.S. spot bitcoin ETFs in H1 2026
The sustained outflows have defied expectations of a rebound in institutional demand following SpaceX’s June 12 IPO, which many analysts had anticipated would reignite investor appetite for bitcoin exposure.
Spot bitcoin ETFs are widely regarded as a key gauge of institutional demand, offering investors regulated exposure to the cryptocurrency without requiring direct ownership.
June’s redemptions came after net outflows of $2.43 billion in May, bringing total withdrawals over the past two months to nearly $6.5 billion.
On a year-to-date basis, investors have pulled about $5 billion from U.S. spot bitcoin ETFs during the first half of 2026.
“Despite recent volatility, Bitcoin’s structural investment case remains largely intact. Large asset managers, pension funds and wealth managers continue to hold significant allocations through regulated ETF products, while institutional infrastructure continues to expand through custody services, derivatives markets and corporate treasury adoption,” said Axel Rudolph, Market Analyst, IG.
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Bitcoin falls 30 percent in H1 2026
The sharp deterioration in institutional demand has weighed heavily on bitcoin, which has fallen about 30 percent in the first six months of the year and underperformed nearly every major asset class.
Among notable exceptions, shares of bitcoin-heavy company Strategy have fared even worse, plunging roughly 45 percent over the same period.
“Many analysts view the recent ETF outflows as tactical portfolio repositioning driven by higher bond yields and macroeconomic uncertainty rather than a fundamental reassessment of Bitcoin’s long-term role within diversified portfolios. As a result, cumulative net inflows since the launch of spot ETFs remain overwhelmingly positive despite the recent correction, reinforcing the long-term institutional adoption narrative,” he added.
