TLDR
- Bitcoin spot ETFs experienced $1.72 billion in net withdrawals during the week concluding June 5
- This marks the fourth consecutive week of outflows, creating a month-long pattern of billion-dollar redemptions
- BlackRock’s IBIT dominated exits with $1.34 billion, with Fidelity and Grayscale following behind
- Market analyst Ted Pillows projects potential decline to $50,000 before eventual surge past $100,000
- BTC price recovered toward $64,000 following Trump’s announcement of Israel-Iran ceasefire developments
The Bitcoin ETF market has entered its fourth consecutive week of negative flows, with spot products recording $1.72 billion in net withdrawals for the period ending June 5, based on data from SoSoValue.
This withdrawal pattern began during the week that concluded May 15. Since that time, every subsequent week has witnessed outflows exceeding $1 billion.
The most significant redemption activity occurred during June’s opening three trading sessions. Investment products experienced exits of $483.8 million, $519.1 million, and $396.6 million across those consecutive days. A modest $3.2 million inflow appeared Thursday, but Friday reversed course with another $325.7 million departure.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) dominated the withdrawal activity, representing $1.34 billion of the weekly total. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded $201.9 million in exits, while Grayscale’s Bitcoin Trust ETF (GBTC) experienced $144.3 million in redemptions.
Matthew Pinnock, who serves as COO at Altura DeFi, characterized the selling pressure as a “macro-driven repricing of risk” disconnected from Bitcoin fundamentals. He explained that IBIT experiences the largest outflows due to its market dominance and trading volume, noting that institutional investors typically favor the most liquid instruments when reducing risk exposure.
“The timing of these redemptions aligns closely with stronger-than-expected US employment data, rising Treasury yields, and a sharp reduction in rate cut expectations,” Pinnock stated. He noted that Bitcoin’s recent price weakness stems from shifting rate expectations and institutional risk sentiment.
Ethereum ETFs Face Similar Headwinds
Spot Ether ETFs mirrored the Bitcoin trend. These products logged $173.05 million in withdrawals for the week ending June 5, continuing their own four-week negative flow pattern. Ether ETFs have collectively shed approximately $885.6 million across this four-week period.
However, alternative cryptocurrency ETF offerings showed mixed results. HYPE ETFs attracted $16.65 million in new investments for the week. XRP ETFs registered modest $2.62 million in positive flows. Solana ETFs recorded $6.52 million in withdrawals.
Cryptocurrency analyst Ted (@TedPillows) shared on X that Bitcoin has established two lower highs during this market cycle, compared to three during the prior cycle. He cautioned that a third lower high might emerge in Q3, potentially followed by a pullback to $50,000. His forecast then anticipates a breakout above $100,000 following that potential bottom.
BTC Price Rallies Toward $64K
On June 8, Bitcoin surged back toward the $64,000 level after President Trump announced via Truth Social that both Israel and Iran were pursuing an “immediate ceasefire.” BTC touched $63,715, marking a 3.25% daily gain.
The cryptocurrency had experienced earlier weakness following Iran’s retaliatory military strikes against Israeli defense installations, which came in response to Israeli operations targeting Hezbollah-connected sites in Beirut. Iranian authorities subsequently announced their joint military command suspended offensive operations.
Trump clarified that a blockade would stay active until final agreement terms are secured, though he indicated diplomatic negotiations were already progressing.
Bitcoin traded at $63,715 according to the most recent available data, bouncing back from geopolitical-induced declines experienced earlier during the trading session.
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