June 2026 dealt Bitcoin its harshest monthly blow since 2022, with a 20.5% plunge that dragged the price below $60,000 for the first time since late 2024. The selloff extended a painful streak: four of the first six months of the year closed in the red, erasing hopes of a sustained rally that had briefly lifted BTC above $82,000 in May. The drop marked the worst June since the crypto winter, as “sell in May and go away” proved stubbornly resilient.
The pain was mirrored in U.S. spot Bitcoin ETFs, which shed roughly $527 million in the holiday-shortened week ending July 2. That pushed the weekly outflow streak to eight – the longest in the products’ history. The prior week’s outflows had been a staggering $1.79 billion, so the reduced pace offered a glimmer of relief. Thursday, July 2, brought a sharp reversal: funds absorbed $221.72 million, the largest single-day inflow since early May, snapping a 10-session losing streak that had drained $2.71 billion. Fidelity’s FBTC led with $165.96 million, followed by ARK and 21Shares’ ARKB at $91.84 million.
Yet the largest spot Bitcoin ETF – BlackRock’s IBIT – remained under pressure. IBIT was the only product to post an outflow on Thursday ($40.43 million), stretching its own redemption streak to 11 days and cumulative outflows to roughly $2.2 billion. With $44.91 billion in net assets against $59.99 billion in total inflows, the gap highlights how price declines have eroded asset values. As the anchor for institutional Bitcoin exposure, IBIT’s persistent redemptions signal that the outflow cycle is not limited to fringe issuers.
Ether ETFs also struggled, losing a net $13.67 million for the week – their eighth straight weekly outflow, tying the record set earlier in 2025. Still, the funds nearly broke even after back-to-back inflows on Wednesday and Thursday, including a $29.74 million boost to BlackRock’s ETHA. Ether traded near $1,780, while the ETFs held $9.02 billion, roughly 4.4% of the token’s market cap. Year to date, spot ether ETFs have shed $1.44 billion, underscoring the category’s difficulty in attracting sustained institutional demand.
Meanwhile, Hyperliquid ETFs saw a sharp slowdown: inflows dropped to just $4.32 million after a record $111.36 million the previous week. The three funds still hold $336.41 million in combined assets, but the sudden cooldown illustrates how quickly momentum can fade in newer crypto ETF categories.
Analysts see tentative reasons for hope. Bitcoin has historically performed well in July, with nine of the last 13 editions finishing in the green, and every July that followed a red June produced gains. BTC rebounded to $63,000 after hitting a 21-month low below $58,000, buoyed by weaker U.S. jobs data that reduced rate-hike fears. Crypto trader Rekt Capital pointed to the 50-Month EMA near $65,000 as the next key level to reclaim. Still, macro uncertainties – the Middle East, U.S. midterms, and persistent ETF outflows – mean the relief rally must overcome significant headwinds before a true reversal can be declared.
