ETF Bitcoin spot: -$8.95 billion in May-June, the bleeding continues

Two months of record outflows: US spot Bitcoin ETFs lose nearly $9B cumulatively. The institutional channel withdraws as the price rebounds on the dovish NFP.

The Fact

On July 3, 2026, Farside / Bloomberg data shows that US spot Bitcoin ETFs recorded approximately $8.95 billion in cumulative net outflows over May-June 2026—the worst two-month period since their launch in January 2024. IBIT (BlackRock), despite being the leader in assets under management, accounts for more than half of the outflows. Bitcoin is trading around $61,000 after a ~5% rebound over the week following the dovish NFP report.

Our Take

The divergence is clear: the price rebounds on dollar weakness and hopes for a Fed pause on July 30, but US institutional managers are lightening their positions. Three cumulative interpretations: reallocation toward gold (see WGC 2026 survey), profit-taking on 2024-2025 gains, and a loss of confidence in the "digital gold" narrative in an environment of still-positive real rates. The bitcoin-funding-rate-structure shifts from a temporary stress to an established regime—the market structure can no longer rely on ETF flows to absorb volatility.

To Watch

• Return or worsening of spot ETF flows in July.
• Impact of the monthly close on CME perpetual funding.
• BlackRock Q2 results (ETF assets under management and fees).