More than 160,000 Bitcoin have drained from US spot ETF reserves since October 2025, a withdrawal worth roughly $11.2 billion that represents the single largest drawdown in Bitcoin ETF history.
The numbers behind the exodus
The drawdown began when ETF holdings peaked in October 2025, and it hasn’t meaningfully reversed since. Of the total 160,000 BTC that have left, over 100,000 BTC exited in 2026 alone, making this the heaviest year of net redemptions since spot Bitcoin ETFs launched in January 2024.
June 2026 delivered the sharpest blow. A single week saw $3.4 billion in outflows, the largest weekly withdrawal on record for these products. Over a 30-day stretch earlier in 2026, a total of $6.35 billion flowed out. At one point, ETFs experienced 13 consecutive days of net outflows, draining $4.4 billion in just under two weeks.
CryptoQuant analyst Darkfost has noted that many ETF positions are now underwater. The average acquisition cost for Bitcoin across these ETF products sits at approximately $73,000. With Bitcoin trading around $60,000 in late June 2026, that means the average ETF holder is sitting on a loss of roughly 18%.
