US Bitcoin ETFs Lose $6B Over Three Months as Institutional Demand Cools

US-listed spot Bitcoin ETFs have flipped into sustained selling, with roughly $6 billion leaving over three straight months, the latest data shows. The 12 funds recorded $1.6 billion in net withdrawals this month alone, marking a third consecutive month of negative flows, according to SoSoValue.

SoSoValue’s figures indicate the funds lost around $6 billion across the three-month period, the longest streak of outflows since the US SEC authorized the products in January 2024.

Data from CryptoQuant corroborates the downtrend: the 12 Bitcoin ETFs have collectively seen an exodus of approximately 4,595 BTC since the start of 2026. That contrasts with prior years’ inflows of +17,155 BTC in 2024 and +39,769 BTC in 2025, per CryptoQuant.

Market observers attribute the exodus to “narrative exhaustion” and lackluster price performance. Since reaching an all-time high of more than $126,000 in October 2025, Bitcoin’s price has declined by more than 37%. Jim Bianco, founder of Bianco Research, said markets price narratives early and called the late-2025 rise a “zombie rally” driven by residual momentum rather than fresh capital.

Bianco suggested the adoption story is largely priced in, with Bitcoin now trading “like a high-volatility risk asset,” a shift that leaves ETF investors to grapple with a maturing market that is currently in retreat.

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