Bitcoin ETFs Bleed For 6 Weeks Straight As $6.3 Billion Leaves The Market

Bitcoin ETFs have now posted six straight weeks of net outflows, with data from SoSoValue showing a massive US bleed over the last 30 trading days. The drawdown comes even as macroeconomic factors continue to improve, with the US-Iran war ending and the largest such drawdown since the products launched in January 2024. The change in the flow direction from positive to negative has raised a familiar question for investors. Is this a temporary risk-off period, or a sign that institutional demand for Bitcoin is cooling after an extended run-up?

Bitcoin ETFs and the record outflow streak

Bitcoin ETFs are now in their sixth straight week of net outflows, with roughly $6.3 billion leaving the funds over this timeframe, according to flow data on SoSoValue’s website. The outflows have since slowed compared to early-June levels, but BlackRock’s dominant IBIT still commands huge lifetime inflows. In other words, Bitcoin ETFs may be under pressure, but the broader ETF market is still evolving. 

Galaxy Research reported that US spot Bitcoin ETFs recorded a record 30-day net outflow of $6.35 billion, which was the number for 6 weeks of continuous outflows starting in May through mid-June. Galaxy’s June 5 research note said the products had logged their 13th consecutive outflow day, totaling $4.33 billion and reaching roughly 60,000 BTC at that point.

The same outflow trend was still visible by June 21, when Farside Investors' data showed that spot Bitcoin ETF flows remained in net negative territory for the week. This saw the weekend with about $226.84 million in outflows, marking the sixth consecutive week of losses.

While the outflow trend is worrying, there are a few things to note about this trend. First of all, the selling is not uniform across issuers. Despite outflows, BlackRock’s IBIT is still the largest Bitcoin ETF product by far. On its part, Grayscale’s GBTC continues to face structural pressure due to its higher fee, causing investors to seek better alternatives.

The sustained outflows have pushed AUMs across issuers lower, with Coinglass data showing a total of $82.80 billion, down from the almost $90 billion recorded last month. BlackRock’s IBIT still holds more than 768,000 BTC, valued at $50.46 billion at the time of writing, with Fidelity’s FBTC coming in second with 180,000 BTC worth $11.82 billion.

Bitcoin ETFs: Franklin Templeton’s new filing changes the conversation

Despite the market outflows, spot Bitcoin ETFs have seen some good news as a new fund is about to enter the market. According to reports, Franklin Templeton filed an unusual ETF proposal with the SEC on June 18, 2026. The firm plans to launch the Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF, both of which would route equity dividends into Bitcoin-linked exposure under a rules-based strategy.

This makes it less of a standard spot fund and more of a hybrid structure. In essence, both funds would offer investors equity exposure first, with dividend cash flows then being redirected toward Bitcoin-related investments. According to the SEC filing, the funds would start with 95% equity exposure and a 5% Bitcoin allocation, with Bitcoin exposure capped at 20% between quarterly rebalances. The filing also says the funds may use Bitcoin ETPs, futures, options, and, in some cases, a Cayman subsidiary to manage exposure, which is completely different from spot Bitcoin ETFs.