US spot Bitcoin ETFs just had their bloodiest day of the month. Investors pulled $696.3 million on Thursday, smashing through the previous June high of $519.2 million set earlier this month.
The outflows didn’t come in isolation. Bitcoin slid below $60,000, and the mood among institutional buyers has shifted noticeably. Total net assets in US Bitcoin ETFs have cratered to about $72.6 billion — down from a peak of $169.5 billion last October. That’s a 57% decline in roughly eight months.
Strategy, the corporate Bitcoin hoarder formerly known as MicroStrategy, has slowed its buying pace dramatically. The company picked up roughly 3,600 BTC in June. In May? 25,000. In April? Over 50,000. They even sold 32 BTC earlier this month — one of the few times they’ve done that.
Some analysts argue Strategy should stop buying entirely and rebuild its cash reserves. Others think the dip-buying strategy still holds long-term merit, even if the short-term optics are ugly.
Either way, the ETF numbers tell a clear story: institutional enthusiasm for Bitcoin has cooled significantly this quarter. Year-to-date outflows now sit at $4.6 billion.
