US spot Bitcoin ETFs just had their worst month ever. June saw $4.5 billion in net outflows. To put that in perspective: it’s more than three times the $1.25 billion Strategy plans to raise through its new Bitcoin monetization program.
BlackRock’s IBIT took most of the hit — $3.55 billion in outflows alone, about 79% of the total. Year-to-date, the funds are now at $5.5 billion in net outflows. Cumulative net inflows since launch still sit at $51.2 billion, but the trend is clear.
Here’s the real kicker: US-based Bitcoin ETF holdings are now lower than they were this day last year. CryptoQuant’s head of research Julio Moreno flagged that on X. Total holdings across all these funds dropped below 1.25 million BTC.
Weakening demand is the theme. Even though cumulative net inflows are up 4.6% from a year ago, the funds hold fewer coins. That tracks with broader pressure on Bitcoin.
Strategy’s new monetization program drew mixed reactions. Some see financial flexibility. Others worry it could end up selling way more than $1.25 billion. MSTR stock initially jumped 12% to $90 after the announcement, then closed at $86.93 — down 6.2%.
Bitcoin ETF holders are pulling back. The question is whether this is a summer slump or something deeper.
