US spot Bitcoin exchange-traded funds (ETFs) have recently experienced their most significant 30-day net outflow on record, amounting to $6.35 billion as institutional investors reduced their exposure, according to a report by Galaxy Research. This outflow represents a continuous trend, with six successive weeks marked by withdrawals from these funds. However, recent data indicate a deceleration in the rate of outflows, suggesting that the most intense phase of institutional selling may be coming to an end.
Galaxy Research highlighted that this $6.35 billion outflow is the largest observed across all 582 rolling 30-day windows tracked since the funds launched in January 2024. Despite the broad withdrawal, the selling activity has been inconsistent across various offerings. For instance, BlackRock’s IBIT has attracted $62.1 billion since its inception, while Grayscale’s higher-fee GBTC has seen a significant retreat, shedding $27 billion.
In total, the funds collectively maintain net inflows of $53.4 billion, as per data from Farside Investors. The observed drawdown has occurred against the backdrop of a declining market, with Bitcoin’s price dropping approximately 17% over the past month. Currently, the spot price of Bitcoin stands near $64,260, significantly down from its previous peak of $126,080 recorded on October 6, 2025.
Several factors have contributed to the heightened outflows from Bitcoin ETFs. Rising Treasury yields, coupled with diminishing expectations for interest rate cuts, have driven capital toward safer asset classes. Additionally, an atmosphere of increasing geopolitical tensions and a general risk-averse sentiment among investors has exacerbated the situation. The outflows seem to reflect structural reasons rather than fresh panic, particularly as GBTC has been experiencing losses over an extended period due to its higher management fee of 1.5% compared to IBIT’s 0.25%.
Investor behavior reflects broader market trends, with some reallocating capital from Bitcoin into competing assets and engaging in profit-taking activities. Notably, BlackRock’s IBIT ETF has been central to daily fluctuations, as seen on June 18 when a $96.7 million redemption from IBIT eclipsed outflows from the rest of the ETF sector.
Ahead of the Federal Reserve’s interest rate decisions, investors have shown a tendency to trim their exposure. Nonetheless, recent reports indicate that the rate of outflows has cooled significantly, decreasing by 87% from their peak in early June. Weekly outflows fell from $1.72 billion in the week ending June 5 to approximately $226 million in the previous week.
Amidst this landscape, Bitcoin has managed to stabilize around the $64,000 mark during the recent slowdown in outflows. This stability suggests that long-term holders may have absorbed much of the surplus supply released by the ETF managers. Although the sharp decline in weekly redemptions points to a potential easing of the selling pressure, outflows remain negative overall. Only a definitive reversal to inflows would indicate that the market has reached a bottom.
