Bitcoin ETFs Hit Longest Uninterrupted Outflow Period with $4.4 Billion Withdrawn

Spot Bitcoin exchange-traded funds (ETFs) have experienced their longest uninterrupted streak of outflows since launching, with a total withdrawal of $4.4 billion over 13 days.

The outflow period started on June 3 and saw single-day withdrawals as high as $396.6 million. BlackRock's iShares Bitcoin Trust (IBIT) was the largest recipient of these redemptions, accounting for about 75% of the total withdrawals with approximately $3.3 billion in outflows.

The decline in demand is attributed to a combination of falling prices and shifting market positioning. The price of Bitcoin dropped from $81,634 on May 15 to $65,315 as of June 16, a decrease of about 20%. Ki Young Ju, founder of CryptoQuant, noted that long-term Bitcoin holders and miners are selling assets due to a shift towards traditional US financial institutions and investors.