Spot Bitcoin ETFs attract $3M as historic outflow streak comes to an end

U.S. spot Bitcoin ETFs have recorded $3.05 million in net inflows on Thursday, ending a record 13-day withdrawal streak that erased more than $4.4 billion from the funds since mid-May.

Summary

• Spot Bitcoin ETFs recorded $3.05 million in inflows, ending a record 13-day outflow streak that drained over $4.4 billion.
• BlackRock’s IBIT led the turnaround with $47.66 million in inflows, while several rival funds continued to see withdrawals.
• Spot Ether ETFs also returned to positive flows, while Hyperliquid ETFs extended their uninterrupted inflow streak.

According to SoSoValue data, Thursday’s modest inflow brought an end to the longest run of outflows since spot Bitcoin ETFs launched in the United States. The reversal came after nearly three weeks of continuous redemptions that coincided with a sharp decline in Bitcoin prices and a steep drop in ETF assets.

Despite the positive reading, the scale of the inflow remained small compared with the preceding withdrawals. During the 13-session stretch, daily outflows regularly exceeded $100 million, while Thursday’s $3.05 million gain failed to offset even a fraction of the capital that had exited the category.

Fund-level data showed that BlackRock’s IBIT accounted for the turnaround. SoSoValue reported that the fund attracted $47.66 million in fresh capital, while products from Fidelity, Bitwise, and Ark Invest continued to post net outflows.

Pressure on the sector has been visible in total assets under management. Spot Bitcoin ETF holdings fell to $80.40 billion by Thursday, down from $104.29 billion at the beginning of the outflow streak. The decline occurred as Bitcoin lost ground over the same period, falling from levels above $74,000 to below $64,000.

Bitcoin ETF assets remain below recent highs

Data from CheckonChain showed that spot Bitcoin ETFs currently hold 1.277 million BTC. While that figure sits slightly above the February low of 1.274 million BTC, it remains about 7.2% below the record level reached in October.

Market conditions remained unstable even after the inflow streak ended. Bitcoin (BTC) traded near $63,800 on Thursday after briefly recovering from earlier weakness. By Friday, the cryptocurrency had plunged to an intraday low of around $59,100, its lowest level since October 2024, before rebounding above $61,000.

Recent ETF flow trends have attracted increased attention from market participants. In a recent note, Citigroup analysts argued that investors may be underestimating the importance of ETF demand in Bitcoin’s price performance.

The bank pointed to sustained withdrawals from spot Bitcoin ETFs as a major factor behind recent weakness, noting that the products recorded $2.43 billion in net outflows during May and another $1.40 billion during the first days of June.

Ether ETFs and HYPE funds continue to diverge

While Bitcoin funds returned to positive territory, spot Ether ETFs also halted a prolonged period of withdrawals.

According to SoSoValue, U.S. spot Ether ETFs brought in $19.30 million on Thursday, June 4, after 17 consecutive trading days of net outflows. BlackRock’s ETHA generated the entire inflow, while all other Ether funds finished the session with no net movement.

Assets held by spot Ether ETFs stand at $9.78 billion, equivalent to roughly 4.57% of Ethereum’s circulating market capitalization. Cumulative net inflows since the products launched in 2024 have reached $11.21 billion, although total assets remain about $2 billion below their earlier peak.

A different trend continued in the newly launched Hyperliquid ETF segment. The three HYPE-focused ETFs added another $12.15 million on Thursday, extending an uninterrupted inflow streak that began with their debut on May 12. Grayscale’s HYPG ETF contributed $4.70 million on its first day of trading.