U.S. spot crypto exchange-traded funds recorded nearly $200 million in combined net outflows on June 23, as both Bitcoin and Ether products faced redemptions despite selective inflows into several competing funds. Spot Bitcoin ETFs posted $113.8 million in net outflows, driven by $182.0 million in redemptions from BlackRock's IBIT, while Ether ETFs saw $82.4 million in net outflows led by $86.1 million in withdrawals from BlackRock's ETHA. The outflows followed another negative session on June 22, when spot Bitcoin ETFs lost $68.3 million and Ether ETFs saw $66.1 million in redemptions, pointing to softer institutional demand as spot crypto ETFs have become one of the clearest channels for measuring institutional and adviser demand in digital assets.
BlackRock IBIT Drives Bitcoin ETF Outflows on June 23
Spot Bitcoin ETFs posted $113.8 million in net outflows on June 23, according to fund-level flow data. BlackRock's IBIT drove the decline with $182.0 million in redemptions, offsetting inflows into several smaller and competing products. Fidelity's FBTC took in $23.0 million, ARK 21Shares' ARKB added $31.0 million, VanEck's HODL attracted $5.3 million and MSBT recorded $8.9 million in inflows. Bitwise's BITB, Invesco's BTCO, Franklin Templeton's EZBC, Valkyrie's BRRR, WisdomTree's BTCW, Grayscale's GBTC and Grayscale's BTC recorded no net flow on the day.
The June 23 flows showed that weakness was not evenly distributed across the Bitcoin ETF market. The category's net outflow was entirely driven by IBIT, while several other funds continued to attract capital. That pattern suggests investors were not uniformly exiting Bitcoin exposure, but instead rotating among issuers or reducing exposure through the largest and most liquid vehicle.
BlackRock ETHA Accounts for Most Ether ETF Redemptions
Ether ETFs posted $82.4 million in net outflows on June 23. BlackRock's ETHA accounted for most of the redemptions, losing $86.1 million, while ETHB saw $1.7 million of outflows and Grayscale's ETH recorded $10.3 million in withdrawals. Fidelity's FETH partially offset the pressure with $15.7 million in inflows. Bitwise's ETHW, 21Shares' TETH, VanEck's ETHV, Invesco's QETH, Franklin Templeton's EZET and Grayscale's ETHE were flat.
The Ether data is notable because the asset continues to compete for institutional attention against Bitcoin, Solana and other crypto investment narratives. Ether funds have historically seen more inconsistent demand than Bitcoin ETFs, partly because investors continue to debate Ethereum's investment case across staking, network revenue, tokenization, layer-two activity and regulatory treatment.
Two-Day Outflow Totals Reach $182.1 Million for Bitcoin and $148.5 Million for Ether
The outflows on June 23 followed another negative session on June 22, when spot Bitcoin ETFs lost $68.3 million. Over the two trading days, the products saw $182.1 million in combined redemptions. Ether ETF flows were also negative for a second straight session, with the June 23 outflow following $66.1 million in redemptions on June 22. The two-day outflow reached $148.5 million, led primarily by BlackRock's ETHA across the latest session.
Solana ETFs recorded no net flows on June 23, indicating that the day's pressure was concentrated in the two largest spot crypto ETF categories. For investors, the data suggests crypto ETF demand remains selective rather than broadly risk-on. The market impact of ETF flows remains important because spot Bitcoin ETFs have become one of the clearest channels for measuring institutional and adviser demand. Persistent inflows often support the view that long-only capital is accumulating Bitcoin, while outflows can reinforce concerns about risk reduction, profit-taking or weaker conviction among allocators.
For the broader market, nearly $200 million in Bitcoin and Ether ETF outflows signals a cautious session rather than a full retreat. The key question is whether redemptions remain concentrated in a few large funds or broaden across issuers in the coming sessions.
FAQ
What did U.S. spot crypto ETFs record on June 23?
U.S. spot crypto exchange-traded funds recorded nearly $200 million in combined net outflows on June 23. Spot Bitcoin ETFs posted $113.8 million in net outflows, while Ether ETFs saw $82.4 million in net outflows.
Why did BlackRock's IBIT and ETHA see large redemptions on June 23?
BlackRock's IBIT drove the Bitcoin ETF decline with $182.0 million in redemptions, while BlackRock's ETHA accounted for most of the Ether ETF redemptions with $86.1 million in withdrawals. The source does not provide a specific reason for the redemptions beyond noting that weakness was not evenly distributed and that investors may have been rotating among issuers or reducing exposure through the largest and most liquid vehicles.
How much did Bitcoin and Ether ETFs lose over June 22 and June 23 combined?
Over the two trading days, spot Bitcoin ETFs saw $182.1 million in combined redemptions ($68.3 million on June 22 and $113.8 million on June 23). Ether ETFs recorded $148.5 million in combined outflows ($66.1 million on June 22 and $82.4 million on June 23).
