Spot Bitcoin ETFs Post Worst Month on Record With $4 Billion Out

U.S. spot bitcoin ETFs have shed $4.06 billion in net outflows this month, the largest monthly redemption on record, according to SoSoValue. That tops the prior worst of $3.56 billion, set in February 2025. The funds were sold as the clean, regulated on-ramp for institutions wanting bitcoin exposure without holding the coin. This month they are the exit.

A SpaceX bet backfires

Last week alone accounted for roughly $1.79 billion of the bleed, the second-heaviest weekly outflow since trading began in January 2024. The timing stings. Plenty of traders had penciled in fresh demand after SpaceX went public on June 12, betting an IPO that large would pull money toward risk. It went the other way.

Two months, $6.5 billion gone

May was already grim, with $2.43 billion in redemptions. Put the two months side by side and close to $6.5 billion has walked out the door, about the entire market value of zcash, currently a top-15 token by market cap. Across the first half of 2026, net outflows run near $5 billion.

Bitcoin still beats MSTR

The price tells the same story. Bitcoin is down roughly 30% on the year so far, a weaker showing than nearly every major asset class. The one laggard that did worse is Strategy, the bitcoin-holding public company trading as MSTR, whose shares have fallen 45%. So bitcoin's only relative win is against the firm built to be a bitcoin proxy.

The month is not quite closed. SoSoValue's count could still shift over the final two trading days, which means the record on the books today could get heavier before June ends.