Bitcoin Spot ETFs Bleed $231 Million in Fifth Straight Day of Outflows

Bitcoin News

U.S. spot Bitcoin (BTC) exchange-traded funds shed $231.1 million in net outflows on June 29, marking a fifth consecutive trading session of institutional redemptions. The persistent withdrawals point to cooling near-term appetite among large allocators after a punishing stretch for the asset. Spot ETF flow data, drawn from issuer disclosures, frames the trend as broad rather than isolated, with the bulk of selling concentrated in the largest products. For our desk tracking Bitcoin flows daily, a multi-session outflow streak of this length signals that profit-taking and risk reduction are outpacing fresh subscriptions across the regulated wrapper.

The streak began on June 23 with a $113.78 million outflow, then deepened sharply: $469.08 million left on June 24, followed by a $696.29 million single-day exit on June 25, the heaviest of the run. Redemptions of $444.51 million followed on June 26 before the $231.1 million withdrawal on June 29. Summed across the five sessions, roughly $1.95 billion has exited U.S. spot Bitcoin funds since June 23. The cumulative figure, calculated from daily issuer flow disclosures, underscores how quickly sentiment shifted after the asset slipped well below its all-time high set earlier in the cycle.

BlackRock's iShares Bitcoin Trust (IBIT) drove the latest session's losses, recording $300.38 million in single-day outflows on June 29. That figure alone exceeded the net withdrawal across all products, meaning IBIT redemptions more than accounted for the day's negative tally. IBIT has been the dominant vehicle for both inflows and exits throughout the cycle, so concentrated selling there tends to set the tone for the entire complex. Our reading of the flow data is that the heaviest profit-taking is being routed through the most liquid fund, where large holders can reposition without materially moving the underlying spot market.

Not every product bled capital. Grayscale's Bitcoin Trust (GBTC) logged $35.1 million in net inflows on June 29, while the ARK 21Shares Bitcoin ETF (ARKB) attracted $49.97 million and Morgan Stanley's MSBT took in $7.26 million. Offsetting those, Fidelity's FBTC lost $3.94 million and Grayscale's lower-fee Bitcoin product shed $22.95 million. The split picture, visible in fund-by-fund disclosures, suggests demand has not collapsed uniformly. Some allocators were still adding exposure even as BlackRock holders trimmed, a divergence that complicates any clean narrative of wholesale institutional retreat from the asset class.

On total net assets, IBIT remains the clear leader at $44.46 billion, holding the largest share of the spot ETF market by a wide margin. Fidelity's FBTC ranks second at $10.53 billion, followed by GBTC at $8.36 billion. Grayscale's lower-fee Bitcoin fund holds $3.28 billion, while the Bitwise BITB product carries $2.18 billion in assets. These standings, compiled from issuer asset reports, show that even after the recent outflow streak the regulated complex retains tens of billions in custody, leaving the structural footprint of spot ETFs intact despite the short-term redemption pressure.

Market participants read the data as concentrated, arbitrage-driven profit-taking centered on BlackRock rather than a uniform exit. Because select products still captured fresh subscriptions, the consensus is that institutional demand has not fully evaporated, even with the asset trading in a defensive posture and the broader mood tilting toward a bear market footing. The takeaway from the flow breakdown is that positioning is rotating, not unwinding entirely. Whether the streak extends will hinge on whether IBIT redemptions ease and whether the smaller inflows into ARKB, GBTC and MSBT can scale into a durable counterweight.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $58,115 support at 81/100 (strong), anchored by the confluence of the Fibonacci 0.000 retracement, the Donchian lower band and a prior swing low, while the $60,865 resistance scores 77/100 (strong), driven by the previous-day high and the R3 pivot. With spot near $59,636 and RSI at 32.33, BTC sits just above oversold, though MACD has flipped bullish. Derivatives data shows perp funding marginally negative at -0.0002% with $11.59 billion in open interest and a long/short account ratio of 2.61, meaning 72.3% of accounts lean long into a Fear & Greed reading of 15 (extreme fear). A reclaim of $60,865 opens $62,781; losing $58,115 invalidates the base and exposes $51,387.