U.S.-listed spot Bitcoin ETFs on Thursday saw their largest daily net outflows in June. The withdrawals took place as the price of Bitcoin fell below $60,000.
Spot Bitcoin ETFs lost $696.3 million this day alone. This figure surpassed the previous monthly high of $519.2 million set on June 2, according to SoSoValue data.
Total outflows for June now stand at $3.61 billion. Year-to-date, net outflows reached $4.6 billion.
ETF assets fall sharply from 2025 peak
Outflows do not occur in isolation. Other signs suggest that demand from large institutional buyers is also slowing.
Strategy, the world’s largest Bitcoin holding company, slowed its pace of accumulation in June. This sparked a debate over whether the company should hoard cash during the recession instead of buying more Bitcoin.
The total net assets of U.S.-listed spot Bitcoin ETFs fell below $73 billion for the first time since late 2024. The decline came from heavy outflows and a roughly 50% drop in the Bitcoin price from its October peak.
According to SoSoValue, the total net assets of these funds reached a record $169.5 billion in October 2025. As of Friday, that figure was about $72.6 billion, a decline of about 57%.
Separate data from WalletPilot shows the funds held a total of 1.24 million Bitcoins as of Tuesday. Over the past month, approximately 63,500 Bitcoins have left these products.
Strategy Reduces Bitcoin Buying Pace
The strategy’s slowdown in purchases in June drew criticism from some analysts. They argue that the company should suspend its Bitcoin purchases and replenish its cash reserves.
So far, the company has purchased around 3,600 Bitcoins in June. That figure is down sharply from the 25,000 recorded in May and the more than 50,000 recorded in April, according to company filings.
Earlier this month, Strategy even sold a small amount, a net sale of 32 Bitcoins. This is one of the few times the company has sold during its long accumulation period.
The company’s perpetual preferred stock, STRC, has faced pressure. It was trading at $75.69 on Thursday, down 6.37% and well below the expected $100 level.
CryptoQuant analysts have expressed concerns regarding the strategy’s timing and risk management. But Bitcoin advocate Samson Mow offered a different view. He said STRC has a “self-healing mechanism” that activates when the stock trades below its $100 benchmark. At this level, the company suspends the issuance of new shares through its ATM program, which limits the supply of new shares.
