Spot Bitcoin (BTC) exchange-traded funds (ETFs) have experienced a notable downturn, reporting 13 consecutive days of net outflows from May 15 to June 3. This period marks the longest streak of outflows since the inception of these financial products in early 2024. According to data from Galaxy Research, the funds have seen a significant reduction, shedding approximately $4.33 billion and 59,351 BTC during this timeframe. This trend sharply contrasts with the previous month, April, which was the funds’ strongest showing in 2026, witnessing inflows totaling $1.97 billion.
The situation has intensified, especially when examining the metrics in terms of Bitcoin volume rather than dollar value. Galaxy Research reported that the 20-day trailing window for outflows reached unprecedented levels, with figures hitting $5.42 billion and 73,080 BTC, making it the heaviest on record for both metrics. Additionally, the 7-day and 10-day windows recorded their highest outflows to date, registering 39,338 BTC and 42,941 BTC, respectively.
Eric Balchunas, a senior ETF analyst at Bloomberg, shared insights into the situation, stating that the approximately $4.4 billion drained over the past month has pushed year-to-date flows into negative territory, reversing a prior recovery. However, he pointed out some positives; specifically, BlackRock’s IBIT and a few other ETFs continue to show positive flows year-to-date. Despite the recent downturn, total lifetime net inflows for these funds remain robust at around $55 billion, just under $10 billion shy of their record highs.
Balchunas remarked, “Not bad at all for this type of drawdown and negative sentiment. Gold experienced steep declines after the debut of GLD, losing 40% of its assets. However, Bitcoin holders appear to be more committed so far.” He also echoed sentiments of caution by quoting, “to quote Henry Hill, this is the bad times.”
The outflow pressures are not isolated to Bitcoin; the Ethereum (ETH) ETF market has also seen 17 consecutive days of outflows, marking its longest streak on record. Among newer products, the performance has varied; while Hyperliquid (HYPE) funds have consistently attracted inflows since their mid-May launch, the newly launched BNB ETF has managed just one positive day. Products related to XRP and Solana (SOL) are also witnessing mixed inflows and outflows, with periods of flat activity.
These coinciding records in outflows from both Bitcoin and Ethereum ETFs suggest a broader market shift towards risk aversion. Moving forward, the stability of flows in June will be critical in determining the resilience of institutional conviction in these markets.
