Four weeks, four billion gone: spot $BTC ETFs can't catch a break 🪂

Spot Bitcoin exchange-traded funds extended a four-week streak of heavy redemptions, logging roughly $1.72 billion in net outflows during the week ending June 5, according to SoSoValue data. The run of billion-dollar withdrawals stretches back to the week ending May 15 and marks a sharp reversal from the strong inflows that supported spot $BTC ETFs earlier in the year. Farside Investors data shows the pressure 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 flipped 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. Morgan Stanley's MSBT, a newer entrant, saw $35.1 million in inflows over the same period.

Matthew Pinnock, chief operating officer of Altura DeFi, attributed the redemptions to a "macro-driven repricing of risk" rather than a Bitcoin-specific concern, noting that IBIT bore the brunt because of its scale, liquidity and role as a preferred institutional access vehicle. "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 told Cointelegraph. He added that "Bitcoin's recent weakness has been driven more by changing rate expectations and institutional risk appetite than by crypto-specific developments." Over the same stretch, $BTC fell from about $73,000 on June 1 to $62,639.14 as of June 8, with the funding rate holding positive even as the price slid lower, a pattern analysts said pointed to waning market strength and leveraged longs absorbing losses.

The redemptions were not limited to Bitcoin products. Spot Ether ETFs also recorded four straight weeks of outflows, shedding $173.05 million in the week ending June 5, according to SoSoValue, following $241.45 million the prior week and $215.99 million and $255.11 million in the two weeks before that, for a four-week total of about $885.6 million. As of June 8, Ether ETFs had returned to inflows totaling $82.4 million. Other altcoin products diverged from the trend, with HYPE ETFs recording $16.65 million in net inflows, XRP ETFs posting a modest $2.62 million in inflows, and Solana ETFs logging $6.52 million in outflows during the same weekly window. The flow picture underscored how, even with Bitcoin and Ethereum products bleeding capital, smaller altcoin vehicles continued to attract selective buying.