
U.S.-listed spot bitcoin ETFs experienced a record $4.06 billion in net outflows in June, the largest monthly redemption since their inception. This trend defies earlier expectations of increased demand following SpaceX's IPO. The outflows follow $2.43 billion in redemptions in May, totaling nearly $6.5 billion over two months, contributing to bitcoin's roughly 30% price decline in the first half of 2026. The drop in institutional demand is also reflected in the 45% plunge of bitcoin-related stocks like Strategy (MSTR).