The $4 Billion Question Behind Bitcoin ETF Outflows

According to Bloomberg, around $4.5 billion flowed out of US spot Bitcoin ETFs in June 2026. Since these are spot ETFs backed by actual bitcoin, the funds had to sell bitcoin to cover those redemptions.

At the same time, data from BitcoinTreasuries.Net shows that public companies holding bitcoin on their balance sheets (Strategy being the most well-known example) bought about $500 million worth of BTC over the same period.

So who bought the rest of the bitcoin sold by US ETFs?

I'll admit, lately it's felt like the general public has lost interest in bitcoin. Of course, I can still see that bitcoin remains in strong demand among rabbit.io users - we process a large number of swaps from other crypto assets into BTC every day. But in the broader information space, bitcoin just doesn’t seem to appear in headlines as often as it used to.

And yet, buyers still spent around $4 billion on bitcoin in June alone. And that’s only counting the coins sold by US ETFs. ETFs weren’t the only sellers either.

So it seems that interest in bitcoin hasn’t gone anywhere. It’s just less visible in the news cycle. But someone is clearly taking advantage of this quieter period and accumulating bitcoin at a discount of more than 50% from the all-time high. It makes you wonder how long sellers will keep offering that kind of discount.