TL;DR
- Institutional Pullback: Ethereum and Bitcoin ETFs saw $609.3 million in combined outflows as crypto prices weakened.
- Bitcoin Pressure: Bitcoin Funds drove most of the redemptions, with IBIT’s $388.6 million withdrawal accounting for nearly 75% of total Bitcoin outflows.
- Broader Weakness: Consecutive heavy sessions pushed two-day withdrawals from Bitcoin ETFs above $1 billion. At the same time, Ethereum ETFs also posted meaningful redemptions.
U.S. spot Ethereum and Bitcoin ETFs opened in June on a weak footing as they logged another heavy withdrawal day, shedding a combined $609.3 million. The session reflected a clear pullback in institutional appetite, arriving as Bitcoin slipped toward the mid-$60,000 range and Ether fell below $1,900. The tone across regulated products showed that investors were using Bitcoin ETFs to reduce exposure quickly as spot prices lost momentum.
Heavy Redemptions Hit Bitcoin ETFs Again
Spot Bitcoin ETFs absorbed the bulk of the pressure, recording $519.1 million in net outflows. BlackRock’s iShares Bitcoin Trust led with $388.6 million in redemptions, followed by $83.5 million from GBTC, $45.1 million from FBTC, and $16.7 million from ARKB. Morgan Stanley’s MSBT was the only product to post a positive flow, adding $14.8 million. Other Bitcoin Funds, including BITB, BTCO, EZBC, BRRR, HODL, BTCW, and BTC, were flat. The concentration of withdrawals in IBIT stood out, especially given its role as the dominant accumulation vehicle since U.S. spot Bitcoin ETFs launched in early 2024. The latest data underscored how Bitcoin Funds have become the primary channel for institutional de-risking during market pullbacks.
Two-Day Outflow Streak Tops $1 Billion
The session followed a $483.8 million withdrawal on June 1, pushing two-day redemptions from Bitcoin ETFs above $1 billion. IBIT and FBTC both posted consecutive outflows, while GBTC returned to meaningful withdrawals after a flat start to the month. With BTC trading near $66,884 and Ether around $1,868.80, the price action reinforced how Bitcoin Funds now mirror broader risk sentiment, amplifying downside pressure when markets weaken.
Ethereum ETFs Also Face Selling Pressure
Spot Ethereum ETFs recorded $90.2 million in net outflows. BlackRock’s ETHA lost $44.3 million, Grayscale’s ETH product saw $25.4 million in withdrawals, FETH shed $15.6 million, ETHE lost $3.9 million, and ETHB slipped by $1 million. Other Ethereum funds showed no net flow. While smaller in scale than Bitcoin ETFs, the redemptions were meaningful for a market with thinner liquidity, signaling that larger allocators were actively trimming exposure.
