Bitcoin and Ethereum ETFs see $261M outflows in eight-day withdrawal streak
In brief
- Bitcoin ETFs lost $231 million on June 29, extending eight consecutive days of net withdrawals
- Ethereum spot ETFs shed $30 million the same day, with BlackRock's IBIT driving redemptions
- June 2026 tracking toward $4 billion in monthly outflows, largest decline since January 2024 launch
Outflows Accelerate
US spot Bitcoin ETFs hemorrhaged $231 million on June 29, marking the eighth straight day without a positive session. Spot Ethereum ETFs lost $30 million the same day. BlackRock's IBIT, the dominant fund in the space, has been a significant contributor to the recent redemptions.
The scale matters. June 2026 is on pace for over $4 billion in total outflows from US spot Bitcoin ETFs. That would make it the largest monthly decline since these products first hit the market in January 2024.
Structural Shift, Not Noise
Eight straight days without a positive session suggests something more structural is happening beneath the surface. Previous patterns looked different. Previous outflow episodes tended to reverse within a few days as dip-buyers stepped in.
The culprit points to rates. Rising interest rates make safe-haven assets like Treasury bonds more attractive relative to volatile ones like crypto. When a money market fund pays you a competitive yield for doing essentially nothing, the case for sitting in Bitcoin through a choppy stretch gets harder to make, especially for institutional allocators who answer to risk committees and compliance officers.
Investors fleeing crypto for Treasuries isn't new. What's notable is the duration. Eight days without relief suggests this isn't a momentary hedge — it's a reallocation.
