The real bitcoin ETF in the United States recorded a net outflow of about $4.76 billion in June, the worst single month since it was listed in January 2024. At the same time, the chain's large purses were increased by approximately 270,000 BTCs within two weeks of the end of the month, at a price of about $16.7 billion. The withdrawal of institutional funds coincided with an increase in the value of the chain, and the subsequent movement of bitcoin was again the focus of the market.

In June, there was a new low in ETF flows.

It was mentioned that this rotation was not a single week of fluctuations, but a continuation of the series of redemptions that began in mid-May. According to the data, the net outflows of real bitcoin ETFs in the United States in June were higher than previously recorded and turned cumulative flows into negative for the first time in 2026.

Of these, the largest was the main source of outflows, which amounted to approximately $3.55 billion per month. Even though there was a short market-wide net inflow of about $221 million on 2 July, the distribution of funds was uneven: funds attracted about $166 million in inflows, but the largest funds left about $4 million on that day.

  • Net outflows in June
  • Some of the numbers are close to $4.5 billion.
  • Largest funds out of one month, approximately $3.55 billion

A chain of giant whales inversely inhaled.

This occurred in tandem with ETF foreclosure and was continuously bought by large chain holders. Bitfinex analysts stated that in the last two weeks of June, giant whale wallets accumulated over 270,000 BTCs. The size of this purchase was estimated at $16.7 billion at the time.

It was also reported that Coinbase Premium, an important indicator of the weakness of United States spot purchase boards, maintained negative values for most of June, suggesting that the demand for the round did not come mainly from United States spot trading offices. Glassnode's grouping data also show that long-term holders were converted to a net increase at the beginning of July.

This means that the two types of funds of greatest interest in the market operate in reverse between the same price zones: On the one hand, ETF holders keep redeeming, on the other hand, large wallets on the chain keep absorbing.

Macro-pressure and source of sales

The article attributed the June push to several factors. The first is the tightening of the macro-environment. Following high inflation data in May, the Federal Reserve maintained its hawk stance in June, which led to a contraction in the institutional risk asset allocation. Second, there have been repeated legislative advances related to the encryption of market structures in the United States, which have also suppressed some institutional risk preferences.

In addition, the end-of-the-business sales boards also appeared at the same stage. It is mentioned that mining companies have sold about $1.5 billion bitcoin and that the assets associated with the company's treasury have been under deleveraging pressure. The article also mentioned that SpaceX financing incidents absorb some of the venture capital, further exacerbating the diversion of funds from the encrypted market.

In terms of price performance, bitcoin fell from about $74,000 to close to $58,000 in June. According to the article, macro-pressures may continue to affect prices if the ETF financial flows are not sustained; but if foreclosure slows down, chain inhaling continues, the market may also gradually digest this round of concentrated sales.