Spot Bitcoin ETFs See 13 Straight Days of Outflows

Spot Bitcoin exchange-traded funds recorded net outflows for 13 consecutive trading days from May 15 through June 3, shedding $4.33 billion and 59,351 BTC, according to Galaxy Research. The run is the longest withdrawal streak since the funds began trading in early 2024.

Galaxy Research said the outflows were larger when measured in bitcoin than in dollar terms. Its 20-day trailing window reached a record 73,080 BTC and $5.42 billion exited. Shorter windows set new highs as well: the seven-day total was 39,338 BTC and the 10-day total 42,941 BTC.

The withdrawals reversed a strong April, when spot Bitcoin ETFs recorded $1.97 billion in inflows.

Eric Balchunas, a senior ETF analyst, commented: “Roughly $4.4 billion leaving funds over the past month pushed year-to-date flows back into negative territory.” He noted that several large funds, including BlackRock’s IBIT, remained positive for the year and that total lifetime net inflows into spot Bitcoin ETFs were near $55 billion, about $10 billion below the prior high-water mark.

The selling extended beyond Bitcoin funds. Spot Ethereum ETFs posted 17 consecutive days of outflows, the longest run on record for those products.

Newer ETF entrants showed mixed results. Hyperliquid’s HYPE funds drew consistent inflows after their mid-May debut. A recently launched BNB ETF had only one positive trading day. XRP and Solana ETFs recorded intermittent inflows and outflows, with several flat sessions.

Galaxy Research’s coin-based measures focus on the amount of cryptocurrency leaving ETFs rather than dollar value, indicating that significant volumes of BTC exited funds even as dollar totals fluctuated with bitcoin’s price. Data through June will show whether net flows stabilize.