US-listed spot Bitcoin exchange-traded funds saw their steepest daily net outflows of June on Thursday, extending a broader cooling in institutional demand as Bitcoin traded below $60,000.
SoSoValue data shows the ETFs collectively lost $696.3 million in net flows—above the prior monthly high of $519.2 million recorded on June 2—taking June’s total net outflows to $3.61 billion. Year-to-date, net outflows now stand at $4.6 billion.
Key takeaways
- Spot Bitcoin ETFs recorded $696.3 million in net outflows on Thursday, the largest single day of June, as Bitcoin slipped under $60,000.
- June outflows total $3.61 billion, pushing US spot ETF year-to-date net outflows to $4.6 billion, according to SoSoValue.
- Total US spot ETF assets fell below $73 billion for the first time since late 2024, down about 57% from an October 2025 peak.
- Strategy reduced its June Bitcoin buying rate to roughly 3,600 BTC so far, down sharply from May and April, with at least one small net sale reported earlier in the month.
Spot ETF outflows accelerate as Bitcoin weakens
The latest withdrawal wave underscores how quickly flows can react when price momentum turns. With Bitcoin trading below $60,000, US spot Bitcoin ETFs pulled back decisively—registering $696.3 million in net outflows on Thursday and deepening the month’s losses.
SoSoValue’s breakdown also highlights the escalation within June itself: Thursday’s figure exceeded the previous monthly high of $519.2 million set on June 2. That matters because it suggests investors’ redemption behavior is not limited to isolated days—it is broadening across the month as market conditions deteriorate.
SoSoValue further reports that June’s net outflows are now $3.61 billion, while year-to-date net outflows have reached $4.6 billion. In practice, that means ETF investors have been net sellers of exposure rather than net accumulators, even though spot ETFs were designed to provide a straightforward route into Bitcoin’s price.
ETF balance sheets shrink toward late-2024 levels
Beyond daily flows, the impact is visible in ETF balance sheets. According to SoSoValue, total net assets in US-listed spot Bitcoin ETFs dropped below $73 billion for the first time since late 2024.
SoSoValue indicates that the sector’s total net assets reached a record $169.5 billion in October 2025. As of Friday, that number had fallen to roughly $72.6 billion—an approximately 57% decline.
Separate data from WalletPilot adds another layer: the funds held a combined 1.24 million BTC as of Tuesday, and about 63,500 BTC left the products over the past 30 days. Taken together, these figures point to sustained net reductions in ETF-held Bitcoin rather than a brief drawdown.
Strategy’s June buying slows amid public pressure
ETF outflows are not the only sign of institutional appetite softening. Strategy—the largest publicly traded corporate Bitcoin holder—has reportedly reduced the pace of its purchases during June, fueling renewed debate over its approach.
Based on Strategy filings, the company bought roughly 3,600 Bitcoin in June so far. That is down from about 25,000 BTC in May and more than 50,000 BTC in April. The change is significant: it suggests Strategy is not maintaining the same monthly accumulation pace that preceded the market downturn.
The slowdown also included a notable exception earlier in the month: a net sale of 32 BTC, described as one of the few times Strategy has sold Bitcoin during its accumulation period.
Additionally, Strategy’s perpetual preferred stock (STRC) has faced pressure. The stock traded below its intended $100 level, closing at $75.69 on Thursday, down 6.37%. That has amplified scrutiny of Strategy’s capital management and timing, with CryptoQuant analysts raising concerns about the company’s risk management and purchase cadence.
Debate over timing: preserve cash vs. “self-repair” claims
The company’s reduced buying rate has split commentary in the market. Some analysts argue Strategy should pause additional Bitcoin purchases and focus on rebuilding cash reserves during a weaker period for crypto prices.
Others push back on the notion that the plan has broken down. Bitcoin advocate Samson Mow argued that STRC includes a “self-repairing mechanism” that activates when it trades below its $100 benchmark. He also noted that Strategy pauses new share issuance through its ATM program at that level, which he said helps limit additional supply.
Whether those mechanisms are sufficient to offset the near-term pressures remains a key question for observers—especially as ETF flows continue to signal demand softness.
Investors should watch whether ETF outflows stabilize in the coming sessions and whether Strategy’s purchase pace returns closer to earlier months’ levels. If redemptions persist while corporate buying remains muted, the market may struggle to reclaim the momentum that typically draws in spot ETF inflows.
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