Bitcoin ETFs Bleed $8.95 Billion in Two Months, and the Selling Isn’t Over
US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded one other $296 million in web outflows over the previous 24 hours, equal to roughly 5,050 BTC. BlackRock led the redemptions, with Grayscale, Fidelity, and ARK Invest additionally posting losses.
Glassnode information reveals the sell-off has now reached $8.95 billion since May 7. Bitcoin trades close to $61,600, up 2.4% in 24 hours, however circulation information suggests the bounce rests on fragile floor.
ETF Outflows Total $8.95 Billion Across 34 Negative Days
Glassnode’s US spot ETF web circulation data reveals demand weakening since late September 2025. Daily inflows peaked above $1.2 billion again then. Since then, constructive days have grown smaller and much less frequent.
The decisive shift arrived on May 7. Since that date, the funds have posted solely 5 constructive classes. The remaining 34 buying and selling days have been detrimental, draining $8.95 billion in complete.
June alone accounted for $4.5 billion, the worst month-to-month outflow since the merchandise launched in January 2024. Meanwhile, bitcoin fell 20.48% over the month, its steepest drop since June 2022.
In an X post, analyst That Martini Guy argued that the newest rebound adjustments little.
“Everyone obtained excited by yesterday’s bounce. But ETF promoting hasn’t stopped. Funding is beginning to shift, sentiment nonetheless seems to be fragile, and I don’t assume the market construction has modified simply but.”
For the strain to ease, the ETFs would want a sustained run of web inflows quite than remoted inexperienced days. So far, no such streak has appeared.
Coins Leave Exchanges, Yet Bitcoin Keeps Falling
Exchange stability information complicates the bearish image. Glassnode’s web place change metric reveals cash flowing out of exchanges since late May. Traders normally learn such withdrawals as accumulation, as a result of cash transfer into long-term storage.
However, historical past provides a warning. The present transfer is the third deep detrimental stretch since bitcoin’s all-time high in late 2025. The first ran from late October via December 2025. The second lasted from late January to early March 2026, when the metric dipped close to minus $100 billion.
Each episode coincided with a continuation of the downtrend quite than a reversal (blue containers). In distinction to the common bullish studying, obvious accumulation has repeatedly did not cease the decline. Deepening capitulation alerts elsewhere on-chain inform an identical story.
Moreover, a part of the withdrawal could mirror mechanics quite than recent shopping for. Coins redeemed from ETFs can transfer between custody wallets and chilly storage with out touching order books. Weak US demand readings help that interpretation.
BTC Price Outlook Hinges on Slowing ETF Redemptions
The two datasets level to at least one conclusion. ETF flows, not trade balances, at the moment set the marginal worth of Bitcoin. Until redemptions gradual, on-chain accumulation seems to be unable to soak up the promoting.
BTC trades close to $61,600 after a 2.4% each day achieve. Nevertheless, the worth has hovered simply above $60,000 since mid-June. A decisive shut under that space would verify that redemption strain nonetheless dominates the market.
Conversely, a sustained flip to web inflows may mark the first structural change since early May. Historically, circulation reversals of that sort have preceded sturdy bottoms quite than adopted them.
Until both sign seems, warning stays the sober studying of the information. The subsequent leg depends upon whether or not ETF holders cease promoting earlier than spot consumers quit.
The publish Bitcoin ETFs Bleed $8.95 Billion in Two Months, and the Selling Isn’t Over appeared first on BeInCrypto.