Analyst: Bitcoin ETF Funds Still Seeing Outflows But Outflow Rate Has "Significantly Slowed Down," Selling Pressure Is Exhausting

As of June 11, the U.S. Bitcoin Spot ETF has registered a net outflow of $2.1 billion so far this June, nearly matching the full-month outflow of $2.4 billion seen in May. This past Wednesday alone brought a net withdrawal of $214 million, signaling the outflow trend remains persistent. Since May 10, total net assets of the U.S. Bitcoin Spot ETF have tumbled from $109 billion to $77 billion—a roughly $33 billion drop. Over that same window, Bitcoin’s (BTC) price slid from its May 10 peak of $81,443 to a low of $59,353, a roughly 27% decline. Adam Haeems, Head of Asset Management at Tesseract Group, noted that while the ETF still faces consistent outflows, the pace of withdrawals has “slowed markedly,” with selling pressure appearing exhausted rather than growing. He attributes the outflows to three core drivers: leveraged funds redeeming spot ETFs to unwind futures arbitrage positions, capital shifting away from the highest-fee funds in U.S. spot products, and money rotating into AI stocks and upcoming tech IPOs. Robin Singh, CEO of Koinly, said halting these ETF outflows will require a rebound in spot demand and BTC reclaiming the $70,000 level. Haeems, however, argues the key to stopping the bleeding hinges on interest rate signals—not just a price bounce. He added the market has held near its 200-week moving average over the past week, making a fragile bottom around this level more likely than a sharp, rapid rebound. He warns that if BTC breaks decisively below $60,000, downside risk will far outweigh any upside from a relief rally.