US-listed spot Bitcoin (BTC) exchange-traded funds just posted their largest 30-day net outflow since launching in January 2024. According to Galaxy Research, the funds shed $6.35 billion over 30 trading days, coinciding with a 17.4% drop in BTC price over the same period.
The Numbers Behind the Outflows
Galaxy Research data shows the outflows are "still deepening day over day." Last week marked the sixth consecutive week of net redemptions for US spot BTC ETFs, pulling their cumulative net flow down to $53.4 billion — a notable step back from the $63 billion peak recorded in October 2025.
BTC was trading around $64,167 at the time of reporting. Macroeconomic headwinds have weighed on the asset, including a rise in US inflation above 4% and ongoing geopolitical tensions stemming from the US-Iran conflict.
What BlackRock Says About It
The headline figure might suggest institutional investors are souring on BTC, but BlackRock's US head of equity ETFs, Jay Jacobs, pushed back on that reading. He told Cointelegraph there are many possible explanations for any given day of outflows — and not all of them signal a shift in conviction.
"What I think is maybe sometimes misunderstood by the market is that if we see a day of outflows, there could be a million reasons why. It could be someone selling IBIT and buying BITA," Jacobs said, referring to BlackRock's iShares Bitcoin Premium Income ETF (BITA), which launched the same week.
Jacobs was clear that short-term flow data does not change how BlackRock views BTC as an asset. "Every asset class has volatility… we have over 450 exchange-traded funds within iShares. So we see inflows and outflows every day across a wide range of assets from large cap, small cap, Bitcoin, gold, etc. So in the short term, it's absolutely not something that changes the way we view the asset or the utility of the asset."
He also reaffirmed BlackRock's longer-term view of BTC as a global, decentralized, nonsovereign monetary alternative — a position the firm has held consistently since entering the space.
Context: A Broader Cryptocurrency Market Pullback
The ETF outflows are happening against a wider cryptocurrency market downturn. BTC is down sharply from its October 2025 highs, and the current environment has put pressure across the board. Inflation data in the US has come in above 4%, adding to the uncertainty that has kept risk assets under pressure.
It is worth noting that some of the outflow activity may reflect rotation between products rather than outright exits from BTC exposure. The launch of BITA — a product that generates income from BTC holdings — gives investors another way to hold BTC-linked exposure within the iShares family, which Jacobs pointed to as one possible explanation for movement out of IBIT.
Whether the current outflow trend continues or stabilizes will depend in part on how macroeconomic conditions develop and whether BTC finds a floor at current levels. Galaxy Research's note that daily outflows are still increasing suggests the pressure has not yet eased.
(Not Financial Advice)
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