Spot Bitcoin ETFs listed in the US have just posted their steepest 30-day net outflow since they first launched back in January 2024, a sign of how hard the current crypto downturn is hitting institutional appetite.
Galaxy Research data shows the funds bled $6.35 billion over the past 30 trading days, the worst reading across all 582 such windows measured since launch. The firm noted that the pace of daily outflows is “still deepening day over day.”
This comes on the heels of a sixth straight weekly outflow for the category, which has dragged cumulative net flow down to $53.4 billion, well off the $63 billion high reached in October 2025.
Not everyone is reading the numbers as a straightforward bearish signal. BlackRock’s US head of equity ETFs, Jay Jacobs, pushed back Thursday on the idea that outflows automatically equal falling demand. “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,” he said.
Jacobs was pointing to BlackRock’s own iShares Bitcoin Premium Income ETF, ticker BITA, which hit the market Wednesday. The fund takes a different approach to Bitcoin exposure, writing covered calls on its holdings to generate income rather than relying purely on price appreciation.
That product sits alongside BlackRock’s much larger iShares Bitcoin Trust, the firm’s flagship Bitcoin fund since its January 2024 launch. IBIT currently manages roughly $48 billion in assets and holds 765,936 BTC, and it has functioned as the entry point for a large share of investors moving into crypto through regulated ETF wrappers.

