Key Highlights
- Thursday saw U.S. spot Bitcoin ETFs lose $696.3M—marking June’s steepest single-day withdrawal
- Bitcoin ETF net outflows for 2025 have climbed to $4.6 billion
- ETF net assets have plummeted approximately 57% from the October 2025 high of $169.5 billion
- Strategy maintains 844,000 BTC purchased at an average of ~$75,600, facing over $13 billion in paper losses
- Strategy’s STRC preferred shares are currently trading ~27% beneath their $100 par value, sparking concerns about the company’s fundraising approach
Bitcoin hovered around the $60,240 mark on Saturday, registering a modest 0.40% daily gain, while market sentiment remained dampened by persistent ETF withdrawals and growing skepticism surrounding Strategy’s capital structure.
U.S.-traded spot Bitcoin exchange-traded funds experienced their most significant single-session capital exodus of June on Thursday, hemorrhaging $696.3 million. This outflow surpassed the month’s prior peak of $519.2 million recorded on June 2, based on figures from SoSoValue.
June’s aggregate ETF withdrawals have climbed to $3.61 billion, bringing the year’s cumulative net outflows to $4.6 billion.
Combined net assets across U.S. spot Bitcoin ETFs have declined to under $73 billion—representing the weakest position since late 2024. This figure stands in stark contrast to the October 2025 all-time high of $169.5 billion, reflecting an approximately 57% contraction.
According to WalletPilot analytics, ETF holdings totaled 1.24 million BTC as of Tuesday, with roughly 63,500 BTC exiting these investment vehicles throughout the previous 30-day period.
Strategy Curtails Bitcoin Acquisitions
Strategy, holding the distinction of the planet’s largest corporate Bitcoin treasury, accumulated approximately 3,600 BTC during June to date. This represents a dramatic decline from the roughly 25,000 BTC acquired in May and exceeds 50,000 BTC purchased in April.
The corporation also executed an uncommon net disposal of 32 BTC earlier this month. Strategy’s portfolio consists of 844,000 BTC with an average acquisition cost of approximately $75,600 per token, resulting in over $13 billion in unrealized depreciation at prevailing market rates.
These paper deficits exceed the complete market capitalization of multiple prominent cryptocurrencies, including Dogecoin, Cardano, and Chainlink.
STRC Faces Selling Pressure Before June 30 Adjustment
Strategy’s perpetual preferred equity instrument, STRC, settled at $75.69 on Thursday, declining 6.37% during the session and exchanging hands approximately 27% below its $100 nominal value. The security’s actual yield has escalated to roughly 15%, compared to its designated 11.5% coupon.
June 30 represents a critical milestone—STRC securities will commence ex-dividend trading and undergo their monthly yield recalibration. Shareholders maintaining positions prior to this cutoff date will collect a $0.48 per share distribution on July 15.
Ripple’s CEO Brad Garlinghouse expressed to CNBC that while he maintains optimism regarding Bitcoin, he denounced Strategy’s dependency on preferred equity issuance for financing BTC acquisitions, characterizing it as financial maneuvering instead of sustainable value generation.
Cryptocurrency analyst alicharts observed on X that Bitcoin seldom trades beneath its 200-week simple moving average, noting that historically such occasions have represented powerful long-term accumulation windows. The analyst recommended this represents “exactly when you want to deploy a dollar-cost averaging strategy.”
Bitcoin sustained its position near the $60,000 threshold as of Saturday morning, with market participants closely monitoring the June 30 STRC dividend adjustment as the subsequent significant catalyst.
