- Record June withdrawals from US spot Bitcoin ETFs pushed 2026 net outflows higher and reduced cumulative inflows since launch.
- BlackRock’s IBIT accounted for the vast majority of redemptions, while total ETF Bitcoin holdings fell below year-ago levels.
- Strategy’s new capital programme was overshadowed by the scale of ETF selling, with its shares reversing early gains after the announcement.
Investor demand for US spot Bitcoin exchange-traded funds weakened sharply in June after the products experienced a record US$4.5 billion (AU$6.53 billion) in net outflows, the largest monthly withdrawal since their launch in January 2024.
The sustained selling lifted total net outflows for 2026 to roughly US$5.5 billion (AU$7.98 billion), trimming cumulative net inflows since inception to about US$51.2 billion (AU$74.24 billion). BlackRock’s IBIT led the redemptions with approximately US$3.55 billion (AU$5.15 billion) in withdrawals, accounting for close to four-fifths of all June outflows across the sector.
Despite cumulative inflows sitting modestly above year-earlier levels, on-chain data shows US spot Bitcoin ETFs now collectively hold less Bitcoin than they did at the same point last year, with holdings below 1.25 million BTC.
Related: Bitcoin ETF Investors, Once the Market’s Steady Hand, Are Now Leading the Selloff
ETF Withdrawals Overshadow Strategy’s Plans
The scale of June’s withdrawals also exceeded by more than three times the US$1.25 billion (AU$1.81 billion) that Strategy is authorised to raise through its newly announced Bitcoin monetisation programme.
The initiative is designed to help meet dividend commitments attached to the company’s preferred securities, with investors expressing differing views over the structure and its longer-term sustainability.
Strategy’s Class A shares initially rose above US$90 (AU$130.50) after the announcement before closing the next day at US$86.93 (AU$126.05), a daily decline of 6.2%, while its preferred stock finished at US$84.86 (AU$123.05).
Related: Australia’s Crypto Travel Rule Goes Live: Every Transfer Now Needs a Name Attached
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