In June, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced significant turbulence, recording a staggering $4.5 billion in net outflows, marking it the worst month for these funds since their inception in January 2024, according to data from SoSoValue. This figure eclipsed the previous record of $3.48 billion set in February 2025 by a notable 29%.
A major contributor to the outflows was BlackRock’s IBIT, the largest Bitcoin ETF by assets, which accounted for an alarming $3.55 billion of the net outflows during the month. This included $212 million that exited the fund on June 30 alone, marking the ninth consecutive day of net outflows for BlackRock’s offering.
As a result of these trends, total ETF assets declined from approximately $83 billion at the beginning of June to around $71 billion by the month’s end. Several events seem to have catalyzed this outflow trend.
The debut of SpaceX on June 12 drew considerable attention and investment, securing billions in risk capital shortly after its launch. Retail participation on its first trading day shattered previous single-session records, with the offering ultimately raising $75 billion, leading investors to shift their focus and funds away from Bitcoin ETFs.
Additionally, shortly after the SpaceX launch, Kevin Warsh chaired his first Federal Reserve meeting, during which the central bank’s dot plot indicated a shift towards tighter monetary policy. The meeting removed the prospect of rate cuts, prompting institutional investors to reconsider their exposure to volatile assets like cryptocurrencies. This combination of high-profile events and changing monetary policy has contributed to a significant shift in investor sentiment regarding Bitcoin and its related investment vehicles.
