Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCryptocurrencyNewsBitcoin ETFs set for worst month with US$4 billion in outflowsThe digital asset was trading at around US$60,000, down more than 50 per cent from its October peak last yearAuthor of the article:Last updated 22 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.The outflows come as bitcoin itself is on track for its worst monthly performance since June 2022, when a chain of crypto businesses went bankrupt. Photo by SEBASTIEN BOZON/AFP via Getty ImagesUnited States-listed bitcoin exchange-traded funds are on pace for their worst month of withdrawals since launching two years ago.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorInvestors have pulled more than US$4.1 billion from the 13 funds in June, the highest net outflow since the products started trading in January 2024, data compiled by Bloomberg shows. IBIT, the BlackRock Inc. fund with the most assets under management, alone accounted for US$3 billion of those withdrawals.The outflows come as bitcoin itself is on track for its worst monthly performance since June 2022, when a chain of crypto businesses went bankrupt, culminating in the downfall of Sam Bankman-Fried’s FTX. The token is down more than 18 per cent this month, hovering around US$60,000 since falling through that level last week.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“The scale and duration of these outflows suggest that traditional investors remain defensive,” analysts at market intelligence firm Glassnode wrote in a recent note. While previous bitcoin corrections attracted ETF buying, investors this time around are choosing to reduce exposure, the analysts added. A Bitcoin logo at a cryptocurrency bureau in Madrid.Along with the spot funds, Michael Saylor’s bitcoin accumulator Strategy, formerly MicroStrategy, has also been on the back foot. Bitcoin’s latest selloff was sparked when Strategy sold US$2.5 million worth of its roughly US$50 billion in bitcoin holdings. The sale was small but symbolically significant for the market.On Monday, Strategy unveiled a sweeping overhaul of the financing model underpinning its bitcoin strategy, giving itself broader powers to sell the cryptocurrency, buy back securities and preserve liquidity as it adapts to mounting pressure on the structure that fuelled years of aggressive accumulation.The company said it may sell up to US$1.25 billion of Bitcoin to bolster its cash reserve and established two repurchase programs of up to US$1 billion each for common and preferred shares. Strategy also said it would become more disciplined about issuing common equity, particularly when its shares trade at or near the value of its bitcoin holdings. The common shares rose as much as 8.3 per cent.Bitcoin was trading little changed at around US$60,000, down more than 50 per cent from its October peak last year. 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