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BlackRock's IBIT Fund Lost $440 Million Amid 11-Day Bitcoin ETF Outflow Streak
At the beginning of June, flows into cryptocurrency exchange-traded funds (ETFs) showed a defensive trend: Bitcoin-focused funds lost nearly half a billion dollars, while Ethereum-based products extended their outflow streak to 15 trading days. At the same time, $XRP and $HYPE ETFs once again attracted fresh capital, indicating that investors are still making selective bets beyond the largest crypto assets.
Key Takeaways:
- On June 1, Bitcoin ETFs recorded $483.8 million in outflows, with BlackRock's IBIT leading the decline at $440.3 million.
- Ethereum ETFs posted their 15th consecutive day of outflows, with BlackRock's ETHA losing $35.0 million.
- $XRP and $HYPE ETFs collectively attracted $5.4 million, highlighting selective institutional demand.
- $XRP ETFs gained $4.1 million, while Bitcoin and Ethereum funds lost a combined $528 million.
June began under the same pressure that ended May. Bitcoin ETFs remained at the center of the sell-off on Monday as investors withdrew $483.76 million from the category. It marked the 11th consecutive day of outflows, turning what once appeared to be routine portfolio rebalancing into a broader test of investor conviction.
BlackRock's IBIT once again bore the brunt of the selling pressure, recording $440.29 million in outflows. Fidelity's FBTC lost $37.29 million, while ARKB from Ark & 21Shares saw $12.32 million leave the fund.
There was one exception. Morgan Stanley's MSBT attracted $6.14 million in inflows. However, given the scale of the broader withdrawals, it was little more than a temporary countertrend move. Trading volume across Bitcoin ETFs reached $2.96 billion, while total net assets stood at $91.16 billion by the end of the session.
11 consecutive days of Bitcoin ETF outflows totaling more than $4 billion
Ethereum ETFs also remained under pressure. The group recorded net outflows of $44.44 million, marking a 15-day streak in negative territory. Withdrawals were concentrated in two funds.
BlackRock's ETHA lost $34.97 million, while Fidelity's FETH saw $9.47 million in outflows. Total trading volume for Ethereum ETFs reached $700.19 million, and net assets closed at $11.14 billion.
Some segments of the altcoin market painted a different picture.
$XRP ETFs attracted $4.13 million in inflows, with the entire amount going into Canary's XRPC fund. Total trading volume reached $14.80 million, while net assets closed at $1.11 billion.
$HYPE ETFs also remained in positive territory, attracting $1.28 million through 21Shares' THYP fund. Trading volume reached $60.42 million, while net assets increased to $185.22 million. Solana ETFs recorded no trading activity, with net assets ending the session at $931.56 million.
The contrast between outflows from major crypto funds and inflows into altcoin products is becoming increasingly noticeable. Kan-Luca Cöymen, investment strategist at Sygnum Bank, said that the headline figures conceal a much more complex market picture. According to him, individual altcoins and crypto sectors are being driven by their own catalysts, including protocol revenues, buyback mechanisms, and exposure to fast-growing areas such as tokenized real-world assets and prediction markets.
Cöymen pointed to inflows into Hyperliquid ETFs as one of the clearest examples. These inflows occurred during a period of historically weak Bitcoin ETF flows, suggesting that institutional investors no longer view the crypto market as a single homogeneous trade.
For investors, this distinction matters. Cöymen noted that the recent weakening in Bitcoin ETF demand may reflect short-term portfolio repositioning rather than a structural decline in institutional interest. If macroeconomic conditions stabilize—particularly regarding bond yields, the U.S. dollar, and geopolitical risks—Bitcoin ETF inflows could recover quickly.
Monday's flows still reflected a cautious market environment, with Bitcoin and Ethereum ETFs losing a combined $528.20 million. However, the continued inflows into $XRP and $HYPE products suggest that institutional demand has not disappeared. Instead, it is becoming more selective, more segmented, and perhaps more mature.
