Key Highlights
- Bitcoin spot ETFs recorded $1.72 billion in net withdrawals during the week concluding June 5
- This marks the fourth consecutive week of outflows, representing over a month of substantial redemptions exceeding $1 billion weekly
- BlackRock’s IBIT fund spearheaded the exodus with $1.34 billion in withdrawals, trailed by Fidelity and Grayscale products
- Market analyst Ted Pillows forecasts a potential decline to $50,000 before an eventual surge beyond $100,000
- BTC price recovered to approximately $64,000 following Trump’s announcement regarding an Israel-Iran ceasefire agreement
Spot Bitcoin exchange-traded funds have experienced their fourth uninterrupted week of net withdrawals, with $1.72 billion flowing out during the week that concluded on June 5, based on data compiled by SoSoValue.
This withdrawal pattern commenced during the week ending May 15. Every subsequent week has witnessed redemptions surpassing the $1 billion threshold.
The most intense selling occurred during the initial three trading sessions of June. The funds experienced losses of $483.8 million, $519.1 million, and $396.6 million across these consecutive days. A minor reversal of $3.2 million appeared on Thursday, but Friday delivered another $325.7 million in withdrawals.
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) experienced $201.9 million in outflows, while Grayscale’s Bitcoin Trust ETF (GBTC) recorded $144.3 million in redemptions.
Matthew Pinnock, Chief Operating Officer at Altura DeFi, characterized the selloff as a “macro-driven repricing of risk” unrelated to Bitcoin-specific factors. He explained that IBIT experiences the heaviest outflows due to its substantial size and liquidity profile, noting that institutional investors typically utilize 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 said. He added that Bitcoin’s recent weakness has been driven by changing rate expectations and institutional risk appetite.
Ethereum ETFs Experience Similar Drawdowns
Spot Ether exchange-traded funds mirrored this trend, recording $173.05 million in withdrawals for the week ending June 5, continuing their own four-week redemption cycle. Ethereum ETFs have collectively lost approximately $885.6 million throughout this four-week period.
However, alternative cryptocurrency ETF products showed mixed results. HYPE ETFs attracted $16.65 million in new investments for the week. XRP ETFs registered a modest $2.62 million inflow. Solana ETFs experienced $6.52 million in withdrawals.
Cryptocurrency analyst Ted (@TedPillows) shared on X that Bitcoin has established two lower highs in the current cycle, compared to three during the prior cycle. He cautioned that a third lower high might emerge in Q3, potentially followed by a correction to $50,000. His projection anticipates a subsequent rally exceeding $100,000 after establishing that floor.
BTC Price Surges Toward $64K Territory
On June 8, Bitcoin rallied 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, representing a 3.25% daily gain.
The cryptocurrency had declined earlier following Iran’s retaliatory military strikes against Israeli targets, which came after Israeli operations targeting Hezbollah-associated facilities in Beirut. Iranian authorities subsequently confirmed their joint military command suspended offensive operations.
Trump verified that a blockade would persist until a comprehensive agreement materializes, though he indicated diplomatic negotiations were already advancing.
Bitcoin traded at $63,715 according to the most recent available pricing data, rebounding from geopolitical-induced declines earlier during the trading session.
