Key Takeaways
- • US spot Bitcoin ETFs experienced a record 13-consecutive-day outflow streak totaling $4.4 billion from May 15 through June 3, nearly doubling the previous record of approximately seven consecutive outflow days, according to Kraken Chief Strategy Officer Thomas Perfumo.
- • BlackRock's iShares Bitcoin Trust (IBIT) accounted for roughly 75% of cumulative outflows ($3.3 billion of $4.37 billion total), despite being the dominant inflow vehicle since spot Bitcoin ETFs launched in January 2024, with Fidelity's FBTC and Ark 21Shares' ARKB posting smaller consistent redemptions.
- • Total net assets across the spot Bitcoin ETF cohort declined from approximately $104 billion on May 15 to roughly $83 billion by June 3—a $21 billion decrease attributable to both outflows and a 21% decline in Bitcoin's price over the period, per SoSoValue data.
- • Bitcoin traded near $63,926 on June 5, down 49% from its October 2025 all-time high of $126,080, with the outflow streak linked to elevated US 10-year Treasury yields raising opportunity costs for non-yielding assets.
- • Year-to-date spot Bitcoin ETF flows turned negative for the first time in 2026 following the redemption streak, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas, signaling a reversal from the strong inflow momentum established after product launch.
Summary
US spot Bitcoin ETFs extended their longest redemption streak on record through June 3, 2026, with 13 consecutive trading days of net outflows totaling $4.4 billion since May 15. This streak nearly doubles the previous record of approximately seven consecutive outflow days, representing a significant shift in investor sentiment toward these products since their January 2024 launch. Farside Investors data show that 12 of the 13 sessions generated $4.07 billion in combined net redemptions, with Wednesday's session alone accounting for $396.6 million in outflows.
The concentration of selling pressure within IBIT is particularly notable. BlackRock's iShares Bitcoin Trust absorbed roughly 75% of cumulative outflows during the streak, representing approximately $3.3 billion of the $4.37 billion total redemptions. This stands in stark contrast to IBIT's historical role as the dominant inflow vehicle since spot Bitcoin ETFs launched. Fidelity's FBTC and Ark 21Shares' ARKB have posted smaller but consistent redemptions throughout the period, according to Galaxy Research and Farside Investors data.
The outflow momentum has coincided with material deterioration in Bitcoin's price and fund valuations. Total net assets across the cohort fell from roughly $104 billion on May 15 to approximately $83 billion by June 3—a $21 billion decline that reflects both the $4.4 billion in outflows and a 21% decline in Bitcoin's price over the same period, per SoSoValue. Bitcoin traded near $63,926 on June 5, representing a 49% decline from its October 2025 all-time high of $126,080 and a 4.1% decline on the day alone.
Market observers attribute the outflow streak to macroeconomic headwinds, particularly elevated US 10-year Treasury yields, which increase the opportunity cost of holding non-yielding assets like Bitcoin. This confluence of factors has triggered a reversal in year-to-date flows, with Bloomberg Intelligence senior ETF analyst Eric Balchunas noting that aggregate 2026 flows have turned negative for the first time since the product category's inception. The streak ended on June 4 with a modest $3.05 million net inflow, suggesting potential stabilization, though the scale of the redemption run underscores shifting institutional demand dynamics.
The concentration of selling pressure within IBIT is particularly notable. BlackRock's iShares Bitcoin Trust absorbed roughly 75% of cumulative outflows during the streak, representing approximately $3.3 billion of the $4.37 billion total redemptions. This stands in stark contrast to IBIT's historical role as the dominant inflow vehicle since spot Bitcoin ETFs launched. Fidelity's FBTC and Ark 21Shares' ARKB have posted smaller but consistent redemptions throughout the period, according to Galaxy Research and Farside Investors data.
The outflow momentum has coincided with material deterioration in Bitcoin's price and fund valuations. Total net assets across the cohort fell from roughly $104 billion on May 15 to approximately $83 billion by June 3—a $21 billion decline that reflects both the $4.4 billion in outflows and a 21% decline in Bitcoin's price over the same period, per SoSoValue. Bitcoin traded near $63,926 on June 5, representing a 49% decline from its October 2025 all-time high of $126,080 and a 4.1% decline on the day alone.
Market observers attribute the outflow streak to macroeconomic headwinds, particularly elevated US 10-year Treasury yields, which increase the opportunity cost of holding non-yielding assets like Bitcoin. This confluence of factors has triggered a reversal in year-to-date flows, with Bloomberg Intelligence senior ETF analyst Eric Balchunas noting that aggregate 2026 flows have turned negative for the first time since the product category's inception. The streak ended on June 4 with a modest $3.05 million net inflow, suggesting potential stabilization, though the scale of the redemption run underscores shifting institutional demand dynamics.
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