Crypto ETFs bleed $4.4B over 13 sessions as IBIT sheds…

U.S. spot crypto ETFs have now shed $4.37 billion across 13 consecutive sessions of outflows, with BlackRock's IBIT alone absorbing $342.34 million in redemptions on Wednesday as bitcoin traded around $65,462 — down from above $71,000 at the start of the week. Total net assets across all U.S. spot bitcoin ETFs have collapsed from $104.29 billion on May 15 to $82.83 billion, a $21.46 billion drawdown in roughly three weeks driven by a combination of redemptions and price decline. Bitcoin ETF AUM now represents 6.36% of BTC's circulating market cap, down from above 7% at the May peak.

Why it matters

The bleed is no longer a bitcoin-only story. Ether ETFs lost $52.94 million on Wednesday — nearly all of it from BlackRock's ETHA — as ETH traded below $1,900. Solana funds shed $12.74 million and XRP funds lost $5.34 million, ending a stretch in which altcoin ETFs had been drawing modest retail inflows even as bitcoin products bled. Citi told clients that spot bitcoin ETF flows explain roughly 45% of weekly BTC price moves and called them the best gauge of investor adoption, warning that sentiment will stay subdued as long as flows remain negative and the U.S. crypto market structure bill stalls.

Market impact

The sole outlier is Hyperliquid's HYPE ETF complex: 21Shares' THYP pulled in $2.99 million on Wednesday, pushing cumulative HYPE ETF net inflows to $139.51 million since the May 12 launch, while HYPE itself gained 3.45% to $73.39 as the rest of the market sold off. Grayscale launched a competing HYPE product, HYPG, on the same day, pitching it as the lowest-fee U.S. spot HYPE vehicle.