One day. That’s how long the good vibes lasted. After Bitcoin ETFs finally snapped a brutal 13-day outflow streak on June 4, investors turned right back around and pulled $326 million out on June 5.
Ethereum ETFs joined the retreat, losing roughly $6 million on the same day. Not exactly a crisis-level number for ETH, but still a reversal from the $19.3 million in inflows the category saw just 24 hours earlier.
BlackRock’s IBIT drove most of the damage
BlackRock’s iShares Bitcoin Trust, better known as IBIT, accounted for roughly $214 million of the total outflows. That’s about two-thirds of the entire day’s redemptions coming from a single fund. The remaining $112 million in outflows was spread across other Bitcoin ETF products.
Total Bitcoin ETF assets under management sit in the $75 billion range. A $326 million single-day outflow represents less than half a percent of that total. This followed a 13-day outflow period that drained approximately $4.4 billion from these funds. The brief reprieve on June 4, when Bitcoin ETFs attracted $3.05 million in inflows, now looks less like a trend reversal and more like a pause for breath.
Ethereum ETFs lost about $5.97 million on June 5, a directional shift from $19.3 million in inflows on June 4.
Bitcoin’s price and the $60K question
Bitcoin was trading near $59,000 during these outflows. Technical analysts have flagged $60,000 as a crucial support level.
The gap between Bitcoin and Ethereum outflow volumes is also worth noting. Bitcoin lost $326 million while Ethereum lost $6 million. That 54-to-1 ratio suggests something specific is driving Bitcoin fund redemptions rather than a broad crypto-wide institutional retreat.