IBIT outflows put new pressure on Bitcoin near $60,000

Bitcoin investors are watching a different risk than usual: the largest US spot Bitcoin ETF is now the main source of outflows. That matters because BlackRock's iShares Bitcoin Trust (IBIT) has been one of the market's biggest regulated entry points for Bitcoin exposure.

Farside Investors data shows US spot Bitcoin ETFs posted about $1.79 billion in net outflows during the June 22-26 trading week. IBIT made up about $1.30 billion of that total, or nearly 73%. On June 26 alone, the ETF group lost $444.5 million, and all of that came from IBIT.

The concentration is the story. Smaller ETF redemptions can be absorbed without changing the broader view of demand. IBIT is different because of its size. BlackRock's product page listed the fund at $44.87 billion in net assets as of June 26, so the weekly withdrawal is still a small share of the fund overall. But at the margin, flows from a fund that large carry more weight for Bitcoin's short-term price action.

BTC was trading around $60,000 on June 28 after falling over the past seven and 30 days. ETF outflows do not prove every redeemed dollar was sold in the spot market, especially since US crypto ETPs can use in-kind redemptions. Still, large IBIT withdrawals raise the risk that ETF holders are becoming more price-sensitive near support.