Bitcoin ETFs Record $91.4M in Outflows, but Selling May Be Slowing, Analyst Says

TL;DR:

• U.S. Bitcoin ETFs recorded net outflows of $91.4 million on June 8, accumulating nearly $5 billion in withdrawals since May 15.
• Four funds reported net inflows on Monday, though they were outpaced by the $233 million in outflows from BlackRock’s IBIT fund.
• An analyst noted that the dispersion of inflows across multiple issuers could indicate that selling pressure is beginning to ease.

U.S. Bitcoin ETFs recorded a new day of net outflows, extending a negative streak that has now surpassed four weeks. According to data from SoSoValue, BTC spot funds lost $91.4 million on the day. Since May 15, cumulative net withdrawals have reached nearly $5 billion, with only a single day of positive flows during that entire period: June 4, when the funds added just $3.2 million.

Despite the bleak picture, not all funds operated in the red. Ark & 21Shares’ ARKB fund received $63 million, Fidelity’s FBTC added $59.4 million, and funds from Bitwise and Morgan Stanley also reported inflows. However, those figures were eclipsed by the $233 million in net outflows recorded by BlackRock‘s IBIT fund.

Bitcoin’s Selling Pressure Starts Showing Cracks

Ryan Myher, co-founder and COO of Genius, argued that the outflows do not necessarily reflect a structural shift in institutional sentiment toward Bitcoin. “ETF flows tend to lag sentiment, not anticipate it. After a period of macro uncertainty and volatility, it is natural for investors to reduce their exposure,” he said. Myher also noted that Bitcoin’s institutional infrastructure is strengthening and that long-term allocators show no signs of abandoning the asset class.

Regarding the distribution of inflows across multiple issuers, the analyst interpreted the dynamic as a promising signal: when positive flows are dispersed even as redemptions are concentrated in a single fund, it typically indicates that broad selling pressure is beginning to exhaust itself.

Bitcoin Dropped 4.2%

According to the latest CoinMarketCap data, Bitcoin is trading just above $61,000, posting a 4.2% decline over the last session. Its trading volume dropped 15% to around $33 billion.