Bitcoin ETFs Log $696M Outflows as Bitcoin Drops Below 60K

US Bitcoin ETFs recorded $696.3 million in outflows as Bitcoin slipped below $60,000, lifting year-to-date losses to $4.6 billion.

US-listed spot Bitcoin exchange-traded funds (ETFs) recorded their largest daily net outflows of June on Thursday as Bitcoin fell below $60,000.

Spot Bitcoin ETFs shed $696.3 million, surpassing the previous monthly high of $519.2 million logged on June 2, according to SoSoValue data.

The latest withdrawals pushed June’s total outflows to $3.61 billion, bringing year-to-date net outflows to $4.6 billion.

Monthly flows in US spot Bitcoin ETFs as of Friday. Source: SoSoValue

The ETF outflows coincide with signs that other large sources of institutional Bitcoin demand are also slowing. Strategy, the world's largest corporate Bitcoin holder, has reduced its accumulation pace in June, prompting debate over whether the company should conserve cash during the market downturn.

US-listed spot Bitcoin ETFs have seen total net assets fall below $73 billion for the first time since late 2024, as recent outflows and a roughly 50% drop in Bitcoin’s price from its October peak weigh on the sector.

According to SoSoValue, total net assets in US spot Bitcoin ETFs reached a record $169.5 billion in October 2025. As of Friday, that figure stood at about $72.6 billion, a decline of roughly 57%.

BTC holdings for US spot Bitcoin ETFs as of market close on Tuesday. Source: Wallet Pilot

Separate data from WalletPilot shows the funds held a combined 1.24 million BTC as of Tuesday, with about 63,500 BTC leaving the products over the past 30 days.

Some analysts argue that Strategy should pause BTC purchases and rebuild its cash reserves.

Saylor’s Strategy bought roughly 3,600 Bitcoin so far in June, down from about 25,000 BTC in May and more than 50,000 BTC in April, according to company filings.

The slowdown also included a net sale of 32 BTC earlier in the month, one of the few times the company has sold Bitcoin during its accumulation period.

Related: Strategy adds $300M to USD Reserve, acquires 520 BTC

Strategy’s perpetual preferred stock, STRC, has come under pressure, trading below its intended $100 level. STRC closed at $75.69 on Thursday, down 6.37%.

Source: Julio Moreno

The move has fueled debate over Strategy’s Bitcoin-buying model. CryptoQuant analysts have raised concerns about the company’s timing and risk management.

On the other hand, Bitcoin advocate Samson Mow said STRC has a “self-repairing mechanism” that activates when it trades below its $100 benchmark. He noted that the company pauses new share issuance through its ATM program at that level, which limits new supply.

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