Spot Bitcoin ETFs Shed $1.7B as Four-Week Outflow Streak Extends Into June

Spot Bitcoin exchange-traded funds recorded about $1.72 billion in net outflows in the week ending June 5, according to SoSoValue data, extending a streak of billion-dollar redemptions to four consecutive weeks dating back to the period ending May 15. Data compiled by Farside Investors shows the pressure was concentrated in the first three trading days of June, when the funds shed $483.8 million, $519.1 million and $396.6 million, respectively. The ETFs briefly reversed into a $3.2 million inflow on Thursday before Friday's $325.7 million in outflows. BlackRock's iShares Bitcoin Trust ETF ($IBIT) accounted for the bulk of the week's redemptions with about $1.34 billion in net outflows, while the Fidelity Wise Origin Bitcoin Fund ($FBTC) lost $201.9 million and the Grayscale Bitcoin Trust ETF ($GBTC) recorded $144.3 million in net outflows over the same period.

Matthew Pinnock, chief operating officer of Altura DeFi, attributed the redemptions to a "macro-driven repricing of risk" rather than Bitcoin-specific developments. He noted that $IBIT absorbed the largest share because of its scale, liquidity and role as a preferred institutional access vehicle, with large investors typically turning to the deepest and most liquid products when adjusting portfolio risk. "The timing of these redemptions aligns closely with stronger-than-expected US employment data, rising Treasury yields, and a sharp reduction in rate cut expectations this year amid the ongoing Gulf conflict," Pinnock said, adding that Bitcoin's recent weakness has been driven more by changing rate expectations and institutional risk appetite than by crypto-specific developments.

Spot Ether ETFs posted a parallel pattern, recording four straight weeks of redemptions and shedding $173.05 million in the week ending June 5, according to SoSoValue. The losses followed $241.45 million in outflows the prior week, after investors withdrew $215.99 million and $255.11 million in the two weeks before that, bringing the four-week total to about $885.6 million.

Other altcoin ETF products diverged from the trend. HYPE ETFs recorded $16.65 million in net inflows in the week ending June 5, while XRP ETFs posted a modest $2.62 million in inflows. Solana ETFs registered $6.52 million in outflows over the same period.