BTC ETF flows turn negative for over half of 2026

The honeymoon is officially over for spot Bitcoin ETFs. After a record-breaking debut in January 2024 and two years of near-uninterrupted capital inflows, the products have hit a wall in 2026, with net flows turning negative for the majority of the year so far. The numbers tell an uncomfortable story US spot Bitcoin ETFs recorded $5.4 billion in net outflows during the first half of 2026, marking the first negative half-year since the products launched. To put that in context: these same funds had accumulated $56.6 billion in cumulative net inflows over their first two years of existence. June 2026 was particularly rough. The month produced roughly $4.5 billion in outflows, the largest single-month exit on record for spot Bitcoin ETFs. BlackRock’s IBIT was a significant contributor to the selling. In one reported week alone, IBIT saw $1.34 billion in redemptions. By mid-July, year-to-date net flows had crossed into negative territory for the first time. There were occasional bright spots: a three-day stretch produced a $510 million rebound. But brief recoveries have not been enough to reverse the broader trend that has defined the year. Why the money is leaving The most straightfor...