Crypto ETF Outflows Hit $4.4 Billion — Bitcoin Bears Lead the Charge
By John Nada·Jun 4, 2026·2 min read
Crypto ETFs lose $4.4 billion over 13 sessions, led by bitcoin outflows. Hyperliquid's HYPE remains the lone bright spot amid market turbulence.
BlackRock's IBIT shed another $342 million on Wednesday, as ether, solana, and XRP funds joined the relentless redemption wave. Hyperliquid's HYPE products remain the only major crypto ETF category still attracting net new money, according to CoinDesk.
The hemorrhaging isn't limited to bitcoin. U.S. spot bitcoin funds lost another $396.60 million midweek, extending a record outflow streak to 13 sessions, draining $4.37 billion since mid-May. Meanwhile, BlackRock's IBIT, the largest bitcoin ETF by net assets, bore the brunt of Wednesday's outflow with $342.34 million in redemptions. Fidelity's FBTC wasn't spared either, losing $54.26 million.
Total net assets across all U.S. spot bitcoin ETFs have plunged from $104.29 billion on May 15 to $82.83 billion on Wednesday. That's a stunning $21.46 billion drop in less than three weeks, with redemptions and bitcoin's price dropping from above $71,000 to around $65,462 unleashing the damage.
Ether ETFs weren't immune either, shedding a combined $52.94 million on the day. BlackRock's ETHA contributed nearly all of it with $51.58 million, dropping 5.56% as ether traded below $1,900. Solana and XRP funds followed suit with losses of $12.74 million and $5.34 million, respectively, as Bitwise's XRP ETF took the hit.
Hyperliquid's spot ETF complex is the lone outlier. 21Shares' THYP took in $2.99 million, pushing cumulative HYPE ETF net inflows to $139.51 million since its May 12 debut, with total net assets at $192.01 million. The token also rose 3.45% to $73.39, defying the broader crypto sell-off.
Grayscale launched its own Hyperliquid product, HYPG, on Wednesday, trumpeting it as the lowest-fee U.S. spot HYPE vehicle, undercutting Bitwise's BHYP and 21Shares' THYP. The launch comes as every other major crypto ETF category faces net redemption.
Citi told clients that spot bitcoin ETF flows explain roughly 45% of weekly BTC price movements, calling them the best gauge of investor adoption. The bank anticipates sentiment to remain subdued as long as ETF flows remain negative and the U.S. crypto market structure bill stalls.