Bitcoin ETFs Wiped Out Nearly $150 Billion in Market Value

U.S. spot Bitcoin ETFs saw their second-largest weekly selloff since launch, with investors pulling out $1.79 billion in just one week. The heavy selling came as Bitcoin briefly crashed to $58,126 before recovering to around $60,287.

The biggest blow came on June 25, when spot Bitcoin ETFs recorded another $691.7 million in net outflows. At the same time, Bitcoin dropped to its lowest price of the year at $58,126, wiping nearly $150 billion from the overall crypto market.

BlackRock's IBIT saw a massive exodus, with nearly 7,440 BTC exiting the fund in a single day, accounting for the entire outflow. This has left many institutional investors sitting on heavy unrealized losses.