Galaxy Rings the Bell: Bitcoin ETFs Just Blew a 30-Day Record, but the Red Tape Is Finally Loosening 🪙

US spot Bitcoin exchange-traded funds recorded their largest 30-day net outflow on record, shedding $6.35 billion over a trailing 30 trading days, according to Galaxy Research. The figure ranks first across all 582 rolling 30-day windows tracked by the Galaxy Digital analysis arm, marking the heaviest stretch since the funds launched in January 2024. "Bitcoin ETFs set record 30d net outflow at -$6.35 billion over last 30 days (#1 across all 582 30d windows)," Galaxy Research wrote. The latest data also showed the funds posted their sixth straight week of outflows, with cumulative net flows falling to $53.4 billion, down from a $63 billion peak in October 2025. Galaxy Research said daily outflows are "still deepening day over day."

The drawdown has tracked a falling market. Bitcoin ($BTC) was trading at $64,167 at the time of writing, down 17.4% over the past month, while a separate price reference placed spot near $64,260, roughly 49% below the record $126,080 reached on October 6, 2025. Macroeconomic pressures, including rising US inflation and the ongoing US-Iran conflict, have weighed on the asset. Selling has been uneven across the complex. BlackRock's IBIT led with $4.51 billion in outflows over the 30-day window, while Morgan Stanley's MSBT took in $1.25 billion. IBIT has still pulled in $62.1 billion since launch, while Grayscale's GBTC has shed $27 billion. Total net assets in US spot Bitcoin ETFs have fallen below $73 billion for the first time since late 2024, dropping to about $72.6 billion from a record $169.5 billion in October 2025, a decline of roughly 57%, according to SoSoValue. WalletPilot data shows the funds held a combined 1.24 million $BTC as of Tuesday, with about 63,500 $BTC leaving the products over the past 30 days. BlackRock US head of equity ETFs Jay Jacobs told Cointelegraph that one-day outflows can reflect many dynamics. "What I think is maybe sometimes misunderstood by the market is that if we see a day of outflows, there could be a million reasons why. It could be someone selling IBIT and buying BITA," Jacobs said, referring to its iShares Bitcoin Premium Income ETF (BITA), which launched on Wednesday. "Every asset class has volatility… we have over 450 exchange-traded funds within iShares," Jacobs added. "So we see inflows and outflows every day across a wide range of assets from large cap, small cap, Bitcoin, gold, etc. So in the short term, it's absolutely not something that changes the way we view the asset or the utility of the asset."

The bleeding has eased in recent sessions. Weekly outflows fell 87% from their early-June peak, dropping from $1.72 billion in the week ending June 5 to about $226 million last week, according to Farside Investors data. The latest daily print showed $696.3 million in outflows, surpassing the previous June high of $519.2 million logged on June 2, while a separate session on June 23 logged roughly $113.78 million in outflows, the first back-to-back daily outflows at that point. June's total outflows reached $3.61 billion, bringing year-to-date net outflows to $4.6 billion, per SoSoValue. Other institutional channels have also slowed. Strategy, the world's largest corporate Bitcoin holder, bought roughly 3,600 $BTC in June, down from about 25,000 $BTC in May and more than 50,000 $BTC in April, according to company filings. The slowdown included a net sale of 32 $BTC earlier in the month, one of the few times the company has sold Bitcoin during its accumulation period. Strategy's perpetual preferred stock, STRC, closed at $75.69 on Thursday, down 6.37%. Bitcoin advocate Samson Mow said STRC has a "self-repairing mechanism" that activates when it trades below its $100 benchmark, noting the company pauses new share issuance through its ATM program at that level.

Onchain data show exchange supply building as price weakens. CryptoQuant data shows the average monthly inflow of Bitcoin into Binance climbed to 7,600 $BTC, roughly worth $475 million at a press-time price of $62,500, up from 3,880 in April. The broader exchange reserve held $240.8 billion worth of Bitcoin as of the latest reading, an increase of roughly $229 million between June 22 and publication. Bitcoin's Binary Coin Days Destroyed (CDD) posted a reading of 1, and deposit transactions climbed toward 9,220 on the chart. Long-Term Holder SOPR has moved deeper into negative territory, with the monthly average falling from 1.03 to 0.8 and the yearly average declining from 2.06 to 1.46, indicating shrinking realized profits. Despite the pressure, whales have responded. The network recorded 6,920 transactions above $100,000 and 1,438 exceeding $1 million after Bitcoin dropped below $60,000, marking its second-largest spike in two months. As for other products, the spot Solana ($SOL) ETF received $113.34 million in inflows over the 30-day window, while the Ripple ($XRP) and Hype ($HYPE) ETFs also recorded inflows, and Franklin Templeton submitted a proposal to the US Securities and Exchange Commission for a Franklin US Equity Bitcoin DRIP Index ETF that would turn stock dividends into exposure to Bitcoin.