Bitcoin ETF Outflows: BlackRock Sees $1.5B BTC/ETH Withdrawals
BlackRock’s Bitcoin ETF and Ethereum ETF flows turned sharply risk-off over the past week, with about $1.5B in combined net withdrawals from its BTC and ETH products.
Bitcoin led the sell-off. BlackRock’s iShares Bitcoin Trust (IBIT) recorded about $1.34B of outflows across the five days ending June 5. The heaviest withdrawals came between June 1 and June 3, with more than $1.17B pulling out. A small inflow on June 4 did not break the downtrend, leaving IBIT with net outflows near $1.34B.
Ethereum outflows were smaller but persistent. BlackRock’s ETH ETFs saw roughly $121.8M in withdrawals: ETHA outflow about $124.8M versus about $3M inflows into ETHB.
The withdrawals matched a weaker market backdrop. BTC slipped below $60,000 during the week and was around $61,506 at the time of reporting (about +1% on the day, ~-17% on the week). Near the end of the week, both funds showed modest inflows after an extended withdrawal streak, hinting at stabilization or selective dip-buying.
For traders, the key takeaway is that Bitcoin ETF outflows remain the dominant driver of this risk-off move. Watch whether the ETF outflow trend continues and whether spot Bitcoin ETF flows outside BlackRock also stay negative, which could pressure BTC short-term.
Bearish
Large and persistent Bitcoin ETF outflows from BlackRock (about $1.34B for IBIT) signal renewed institutional de-risking. This typically increases near-term sell pressure on BTC and can weigh on sentiment across the spot market. Ethereum ETF withdrawals are smaller but reinforce the risk-off tone.
While the latest week-end modest inflows suggest some stabilization or dip-buying, they are not yet strong enough to reverse the broader outflow trend. If the Bitcoin ETF outflows persist, BTC’s downside risk remains elevated in the short term. Over the longer term, sustained reversal would likely improve sentiment, but that is not indicated yet.