Largest June Daily Outflow Marks Shift in Institutional Demand
US-listed spot Bitcoin exchange-traded funds recorded their largest daily net outflows of June on Thursday, June 26, as Bitcoin fell below $60,000. The $696.3 million outflow exceeded the previous monthly high of $519.2 million set on June 2, according to data from SoSoValue and WalletPilot.
The outflow brings June’s total net redemptions to $3.61 billion, part of a broader year-to-date retreat. US spot Bitcoin ETFs have recorded $4.6 billion in net outflows through June, and total net assets fell below $73 billion for the first time since late 2024. Assets now stand at $72.6 billion, representing a 57% decline from the record $169.5 billion reached in October 2025.
The timing reflects weakening institutional appetite beyond ETF channels. MicroStrategy, the world’s largest corporate Bitcoin holder, slowed its accumulation pace significantly in June. After purchasing more than 50,000 BTC in April and approximately 25,000 BTC in May, the company bought roughly 3,600 BTC in June and executed a net sale of 32 BTC earlier in the month.
The slowdown has drawn scrutiny from analysts. CryptoQuant analysts have raised concerns about MicroStrategy’s timing and risk management amid the price decline. Some analysts have argued the company should pause Bitcoin purchases and rebuild cash reserves during the downturn, though no specific names were disclosed publicly.
MicroStrategy’s perpetual preferred stock STRC fell 6.37% to close at $75.69 on Thursday, well below its intended $100 benchmark level. The discount has operational implications. According to Samson Mow, a Bitcoin advocate, the stock has a “self-repairing mechanism” that activates when trading below $100, pausing new share issuance through the company’s at-the-market (ATM) program and limiting fresh supply.
Broader ETF data shows sustained outflows. Over the past 30 days, 63,500 BTC has left US spot Bitcoin ETF products. The combined holdings across all US spot Bitcoin ETFs stood at 1.24 million BTC as of Tuesday, June 24.
Bitcoin’s 50% price decline from its October peak has coincided with the asset outflows and reduced corporate buying. The combination underscores the sensitivity of institutional capital flows to price movements and the concentrated exposure of large corporate holders like MicroStrategy to market conditions.
