June was brutal for U.S. Bitcoin ETFs. Investors pulled roughly $4.5 billion from the funds last month — the worst single month since launch in January 2024. The final ten trading days alone saw $2.7 billion walk out the door.
Thursday brought a reversal. U.S. spot Bitcoin ETFs attracted $221.7 million in net inflows, their largest single-day haul in about two months. Fidelity's FBTC led with $166 million, Ark 21Shares ARKB added $91.8 million, and VanEck's HODL chipped in $4.4 million. BlackRock's IBIT bucked the trend with a $40.4 million outflow — a notable split at the top of the market.
The catalyst came from Washington. June payrolls came in at just 57,000 against a forecast of 110,000. Fed Chair Kevin Warsh followed up by signaling that inflation risks had cooled, pulling the rug out from under rate-hike expectations. The dollar softened, and risk assets found their footing.
Bitcoin had slumped to a 21-month low below $58,000 earlier this week before bouncing back above $61,000 on the jobs data.
Don't call it a comeback just yet. Prediction market participants put 74% odds on Bitcoin falling to $55,000 rather than recovering to $84,000. Year-to-date net outflows from U.S. spot Bitcoin ETFs still stand above $5 billion — one good day does not a trend make.
