Bitcoin ETFs See Record $6.4B Outflows in 30 Days as Market Turns Risk-Off

US-listed spot Bitcoin exchange-traded funds (ETFs) are enduring a prolonged stretch of withdrawals, registering their largest 30-day net outflow since trading began in January 2024. The move comes during a broader risk-off period for crypto markets and underscores how ETF flows can diverge from short-term price headlines.

According to Galaxy Research data shared on social media, US spot Bitcoin ETFs recorded $6.35 billion in net outflows over the trailing 30 trading days. This also marks a continuation of negative momentum, with the funds completing six straight weeks of outflows, bringing cumulative net flow to $53.4 billion—down from a $63 billion peak reached in October 2025.

Key takeaways

• Galaxy Research reports $6.35B in net outflows across US spot Bitcoin ETFs over the last 30 trading days, the worst since January 2024.
• Six consecutive weeks of withdrawals have reduced cumulative ETF net flows to $53.4B, below an $63B high in October 2025.
• BlackRock’s iShares ETFs chief for US equity ETFs, Jay Jacobs, said day-to-day outflows can have multiple drivers that don’t necessarily reflect a single bearish thesis.
• Bitcoin’s spot market remains pressured by macroeconomic factors and geopolitical risk, though Jacobs argued volatility alone doesn’t change ETF issuers’ long-term positioning.

The worst 30-day outflow since launch

While spot Bitcoin ETFs have not been uniformly positive since their launch, Galaxy Research’s latest tally highlights how quickly the flow picture can worsen when sentiment turns. The firm characterized ongoing daily withdrawals as “still deepening day over day,” suggesting the recent outflows are not merely a short-lived dip.

Galaxy’s figures also frame the withdrawals against the ETFs’ earlier accumulation phase. The current cumulative net flow of $53.4 billion remains positive overall since launch, but it is now well below the $63 billion peak registered in October 2025—indicating that inflows earlier in the cycle have been partially given back.

Why ETF outflows don’t always mean “institutional exit”

Some market participants may read persistent outflows as confirmation of weakening institutional demand. However, BlackRock’s Jay Jacobs pushed back against a simplistic interpretation of daily ETF flow prints.

Speaking to Cointelegraph, Jacobs argued that outflows can result from routine reallocations rather than a broad selloff. In his view, a single day of withdrawals may reflect internal fund switching—such as investors moving exposure from one ETF to another.

“What I think is maybe sometimes misunderstood by the market is that if we see a day of outflows, there could be a million reasons why. It could be someone selling IBIT and buying BITA,” Jacobs said, referring to BlackRock’s iShares Bitcoin Premium Income ETF (BITA), which launched on Wednesday.

This distinction matters for traders and allocators trying to interpret flows as a directional signal. Galaxy Research’s data points to a negative trend over weeks, but Jacobs’ comments suggest that even during such periods, component funds within the broader Bitcoin ETF complex can experience opposite movements as investors rebalance.

Bitcoin price pressure continues alongside flow weakness

At the time of writing, Bitcoin was trading around $64,167, down 17.4% over the past month. Cointelegraph previously reported that Bitcoin has been pressured by macroeconomic factors, including increased US inflation, as well as geopolitical risk tied to the ongoing conflict between the US and Iran. Those drivers can weigh on liquidity and investor risk appetite—conditions that often affect both spot crypto demand and ETF flow behavior.

Even so, Jacobs said BlackRock does not treat BTC volatility as a reason to reconsider the asset’s longer-term role. He characterized volatility as a feature of many markets and pointed to the breadth of assets held across iShares’ ETF lineup.

“Every asset class has volatility… we have over 450 exchange-traded funds within iShares,” Jacobs said, noting that daily inflows and outflows occur across different asset categories including large-cap, small-cap, Bitcoin, and gold.

In his framing, short-term flow reversals do not necessarily change the underlying investment utility. “So we see inflows and outflows every day across a wide range of assets from large cap, small cap, Bitcoin, gold, etc. So in the short term, it’s absolutely not something that changes the way we view the asset or the utility of the asset.”

What investors should watch next

The immediate takeaway is that the ETF complex is still bleeding, with Galaxy Research pointing to deepening daily outflows and the worst trailing 30-day result since launch. The longer question is whether this pattern continues to consolidate into sustained outflow pressure—or whether it stabilizes as investors rotate between funds and as macro and geopolitical conditions evolve.

For market participants, the next milestone will be whether ETF outflows remain concentrated over multiple weeks (supporting a bearish flow narrative) or start to narrow in magnitude as rebalancing activity and sentiment shifts take hold.