Bitcoin ETFs Experience Record $4 Billion in Outflows This Month

Bitcoin exchange-traded funds (ETFs) listed in the US are currently witnessing the highest withdrawal levels since their launch two years ago.

In June alone, investors have withdrawn more than $4.1 billion from the 13 ETFs, marking the largest net outflow since trading started in January 2024, according to Bloomberg data. The IBIT fund from BlackRock, which holds the most assets, accounted for $3 billion of those withdrawals.

The spike in outflows coincides with Bitcoin’s potential worst monthly performance since June 2022, a time when numerous crypto companies filed for bankruptcy, which led to the downfall of Sam Bankman-Fried’s FTX. This month, Bitcoin has seen a decline of over 18%, currently trading near $60,000 after dipping below that threshold last week.

Analysts from market intelligence firm Glassnode commented, “The magnitude and persistence of these outflows suggest that traditional investors are remaining cautious.” Unlike previous Bitcoin downturns that prompted increased ETF investments, investors are now choosing to reduce their exposure, they noted.

Moreover, Michael Saylor’s Bitcoin acquisition strategy, formerly known as MicroStrategy, is also encountering difficulties. The recent drop in Bitcoin’s value was triggered when the strategy liquidated $2.5 million from its estimated $50 billion in Bitcoin holdings. Though this sale was relatively small, it carried significant symbolic importance in the market.

“Adding to the pressure, MicroStrategy’s preferred stock vehicle STRC fell 24.67% last week to $74.57,” noted Tony Sycamore, an analyst at IG Australia. “The selloff was driven by rising fears that the company might be compelled to liquidate some of its Bitcoin holdings to meet upcoming convertible note maturities and dividend obligations.”

As of 8:30 a.m. in London on Monday, Bitcoin was trading at around $60,000, reflecting a decline of over 50% from its peak in October of the previous year.

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