Spot Bitcoin ETFs Log Sixth Straight Week of Outflows as Attention Turns to AI

Extended Outflows but Slowing Pace

According to data from SoSoValue, U.S. spot bitcoin ETFs posted $226.8 million in net outflows in the week ending June 18. Over the past six weeks, cumulative outflows reached $5.94 billion, marking the longest consecutive run of weekly net outflows since these products launched.

Despite the ongoing withdrawals, the intensity of the selling has diminished. Weekly outflows fell from $1.72 billion in the first week of June to just over $226 million in the most recent week. Jeff Ko, Chief Analyst at CoinEx, said this pattern suggests “the selling wave is largely exhausting itself rather than accelerating.”

Ko also noted that a “meaningful portion of the outflows” appears linked to rates, basis, and arbitrage unwinds rather than purely to spot demand exiting bitcoin exposure. He added that long-term allocators, including pension funds and endowments, have “proven considerably more resilient” during the current negative flow streak.

Capital Rotation and Macro Backdrop

Market participants highlight a broader rotation of capital toward artificial intelligence-related equities as a key factor behind the ETF outflows. “We believe that investors are simply allocating capital toward AI equities, given the SpaceX IPO and the amount of attention the AI sector is attracting at this point,” said Jeff Mei, COO of BTSE. He added that AI is likely to remain a dominant theme, particularly as companies such as OpenAI and Anthropic have not yet gone public.

Bitcoin’s price has stabilized and is currently trading around $64,000. This comes as U.S. and Iranian officials reported “encouraging progress” in their first round of talks in Switzerland on Monday, according to Reuters, against a backdrop of tighter monetary rhetoric from the Federal Reserve. New Fed Chair Kevin Warsh adopted a hawkish stance last week, emphasizing a strict commitment to returning inflation to the 2% target.

“Macro remains the key variable here,” Ko said. He argued that crypto markets are “currently decoupled from equities” and are likely to remain volatile until there is either more dovish guidance from Warsh or a clear sector-specific catalyst, with the passage of the Clarity Act cited as a potential positive trigger.

FAQ

What is happening with U.S. spot bitcoin ETFs?
U.S. spot bitcoin ETFs have recorded six consecutive weeks of net outflows, totaling $5.94 billion over that period, with $226.8 million exiting in the week ending June 18.

Are the outflows from bitcoin ETFs accelerating?
No. While outflows have persisted for six weeks, weekly net outflows have declined from $1.72 billion in the first week of June to just over $226 million in the most recent week.

Why are investors shifting away from bitcoin ETFs?
Commentary from market participants suggests some investors are reallocating capital toward AI-related equities, amid heightened attention to the AI sector and upcoming events such as the SpaceX IPO.

How are macroeconomic conditions affecting crypto markets?
Analysts note that macro factors remain central, with bitcoin trading around $64,000 amid “encouraging” U.S.–Iran talks and a hawkish stance from new Fed Chair Kevin Warsh, contributing to choppy trading and a perceived decoupling from equities.