The honeymoon is officially over. US-listed spot Bitcoin ETFs have just closed their worst half-year on record, with net outflows totaling $5.4 billion in the first six months of 2026.
That is the first negative half-year since these products launched in January 2024.
A streak that Wall Street would rather forget
June was the month that really broke things. The month saw roughly $4.5 billion exit spot Bitcoin ETF products, the largest monthly outflow ever recorded for this asset class.
Before June even wrapped up, an eight-week outflow streak running from mid-May through early July had already surpassed $8 billion in total redemptions.
Single-day numbers were equally jarring. July 13 saw $424.66 million exit the space in one session, according to data from SoSoValue. July 24 followed with a $240 million net outflow.
BlackRock’s IBIT led many of the outflow sessions. In one week during June, IBIT alone recorded $1.34 billion in redemptions.
Grayscale’s GBTC and Fidelity’s FBTC also faced consistent redemptions throughout the period, suggesting the selling pressure was broad rather than concentrated in any single product.
Why the money left
Bitcoin’s price during this stretch was trading in a range between roughly $60,000 and $65,000. Capital rotation into AI-related assets has been a consistent theme in 2026, with technology stocks tied to artificial intelligence infrastructure drawing significant institutional attention.
What the brief recovery actually signals
The outflow streak did break, at least temporarily. In the two weeks ending around July 17, inflows totaled approximately $273 million.
BlackRock’s IBIT captured a significant portion of those returning inflows, making it both the biggest conduit for outflows and one of the biggest beneficiaries of the subsequent recovery.
But $273 million of inflows against a backdrop of more than $8 billion in outflows is not a recovery narrative. Outflows reemerged by July 24, and cumulative year-to-date net outflows remained in the range of $5.4 billion to $5.8 billion by mid-July.