US spot Bitcoin ETFs recorded their largest monthly outflow since launching, shedding $4.51 billion in June 2026 and pushing the funds' combined net asset value down to roughly $70.95 billion. The figures, drawn from SoSoValue data, show the exodus has now stretched into a two-month trend, with the funds losing a combined $6.94 billion since May.
The bulk of the withdrawals came from BlackRock's iShares Bitcoin Trust, which posted a $3.55 billion net outflow in June alone, bringing its Bitcoin holdings down to $43.02 billion. Over the past two months, IBIT has shed nearly $5 billion in net outflows.
Fidelity's Wise Origin Bitcoin Fund also saw sustained selling, closing June with a $456.63 million outflow and ending the second quarter down approximately $903.17 million.
The selloff comes as investor capital appears to be rotating elsewhere. Demand for AI stocks has picked up sharply, pulling attention and allocations away from crypto exposure. June also saw heavy investor interest in the SpaceX IPO, which likely competed for the same pool of risk capital. As covered in From Garage Rockets to the Biggest IPO in History, SpaceX debuted on Nasdaq with demand hitting four times available shares, drawing significant institutional attention at the same moment Bitcoin ETFs were bleeding.
The rotation away from Bitcoin exposure is happening at a time when the mining side of the industry is also under pressure. As explored in Nvidia's $20B Bond Play and the Bitcoin Miners Quietly Betting on AI, publicly listed miners are losing roughly $19,000 per coin produced and are pivoting toward AI infrastructure as their core business model comes under strain. ETF outflows and miner distress are two sides of the same pressure on Bitcoin's near-term outlook.
The outflows have coincided with a steep price decline. Bitcoin fell more than 19% over the past 30 days, trading around $60,690 at the time of reporting.
Despite the drop, Bitcoin has retested a support level that has held over multiple months, with data pointing to aggressive accumulation from whale investors during the same period. That combination leaves open the possibility of a rebound in July if ETF flows turn positive again.
The key signal for July will be whether IBIT and its peers stabilize or continue bleeding. A return to net inflows would suggest the AI-driven rotation is fading, while a third straight month of outflows would raise more serious questions about institutional appetite for spot Bitcoin exposure heading into the second half of 2026. The CLARITY Act moving through Congress could also shift sentiment if it passes, giving institutional investors clearer regulatory ground for their crypto allocations.
