US spot Bitcoin ETFs hemorrhaged more than $2 billion in net outflows across a two-week stretch in late May and early June, part of a broader 13-day redemption streak that ultimately drained approximately $4.4 billion from the products.
BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, was the primary source of the bleeding. The fund saw $1.3 billion in outflows in a single week, with multiple individual trading days exceeding $500 million in redemptions.
What triggered the exodus
The outflows didn’t happen in a vacuum. Bitcoin’s price declined from early-year highs above $80,000 to a range between $60,000 and $73,500 during the same period.
Analytics firms including SoSoValue, CoinShares, and Glassnode tracked the selling in real time. The consensus explanation involves a cocktail of factors: shifting market sentiment, geopolitical tensions, rising Treasury yields, and recalibrated expectations around interest rate cuts.
