$4 billion gone. Spot bitcoin ETFs are on track for their worst month on record

U.S. spot bitcoin ETFs have recorded $4.06 billion in net outflows this month, according to data from SoSoValue. It marks the largest monthly redemption on record, exceeding the previous high of $3.56 billion in February 2025.

Last week, the funds saw redemptions of about $1.79 billion, the second-highest weekly outflow since trading began in January 2024. (These figures could shift slightly based on flows over the final two trading days of the month.)

This trend runs counter to expectations early in the month of renewed demand following SpaceX’s IPO on June 12.

Spot ETFs serve as a widely followed barometer for institutional investors seeking regulated exposure to bitcoin without directly holding the cryptocurrency.

June’s outflows followed $2.43 billion in net redemptions in May, bringing the two-month total close to $6.5 billion. That figure is comparable to the current market capitalization of zcash (ZEC), currently ranked among the world’s 15 largest cryptocurrencies by market cap.

On a year-to-date basis, net outflows tally roughly $5 billion in the first half of 2026.

The impact of this collapse in institutional demand is evident in bitcoin’s price performance, which has declined around 30% in the first half, underperforming nearly every major asset class except Strategy (MSTR). Shares in the bitcoin-holding publicly listed firm have tanked by 45%.