US-listed spot Bitcoin exchange-traded funds (ETFs) extended their sell-off Wednesday to a record 13 consecutive trading days as Bitcoin demand continued to weaken.
Spot Bitcoin ETFs posted $396.6 million in net outflows on Wednesday, bringing cumulative withdrawals to roughly $4.4 billion since the streak began, according to data from SoSoValue.
The current run exceeds the previous record of eight consecutive trading days of outflows in February 2025, which saw roughly $3.2 billion exit the funds.
Bitcoin price briefly dipped below $63,000 on Thursday. Source: CoinGecko
Since the outflow streak began on May 15, Bitcoin has fallen about 21% from to $63,400 from about $80,000 as of publication, according to CoinGecko. Analysts have pointed to weakening ETF demand, long-term holder selling and miner pressure as possible drivers of the decline.
BlackRock IBIT leads outflows with $3.3 billion
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the bulk of redemptions during the 13-day streak, recording about $3.3 billion in outflows, according to Farside Investors data. The amount represents roughly 75% of total withdrawals.
Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) was the second-largest contributor with about $456.6 million in outflows, followed by Grayscale’s Grayscale Bitcoin Trust ETF (GBTC) at roughly $303.6 million.
Bitcoin ETF flows, AUM and Bitcoin holdings as of June 2, 2026. Source: WalletPilot
Over the past 30 days, US spot Bitcoin ETFs have shed 51,726 BTC in outflows, or nearly $5 billion, according to WalletPilot data. As of Tuesday, IBIT held about 786,800 BTC, followed by FBTC with 181,770 BTC and GBTC with 146,400 BTC.
Analysts split over Bitcoin demand slump
Bitcoin’s recent outflows and price decline come amid a sharp contraction in demand comparable to the post-Terra/Luna collapse period in 2022, according to CryptoQuant head of research Julio Moreno.
He said overall demand has dropped by about 501,000 BTC over the past month, marking the fastest monthly drop since May 2022.
Source: Julio Moreno
Industry observers are divided on what is driving the selling pressure. Bloomberg ETF analyst Eric Balchunas said long-term institutional buyers, including Bitcoin ETFs and Michael Saylor’s Strategy, have remained net accumulators.
“Forget the boomers, someone needs to ‘call the OGs’ — they are behind this,” Balchunas said.
Some market commentary has pointed to derivatives positioning and exchange activity as potential drivers of the price decline, arguing that limited on-chain selling suggests leverage and liquidations may be amplifying volatility.
CryptoQuant founder Ki Young Ju said recent selling by early Bitcoin holders and miners reflects a broader transfer of supply to US institutions, including ETFs and traditional investors. He said the shift in ownership could strengthen long-term demand, even as the market moves away from early “cypherpunk” holders.
Related: Strategy’s Bitcoin sale causes clash for $80M in Polymarket bets
Despite the outflows, Standard Chartered head of digital assets research Geoffrey Kendrick said in a Thursday statement sent to Cointelegraph that Bitcoin ETF holdings have remained broadly stable since February, suggesting more structural resilience than previously expected despite market volatility.
Kendrick also pointed to recent corporate selling as reinforcing a bearish narrative in the short term, noting that Strategy’s 32 BTC sale “fit the DAT naysayer thesis,” and said the timing was unfortunate given Bitcoin was already under pressure.
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