Bitcoin ETF outflows expose split demand after Warsh’s Fed debut
US spot Bitcoin ETFs posted $82.2 million in net outflows on June 17, but the underlying flows were mixed rather than uniformly negative. ARKB lost $43.5 million, IBIT $30.8 million, GBTC $15.5 million, BTCO $6.4 million, and HODL $4.1 million, while FBTC gained $14.0 million and MSBT added $4.1 million. The timing lined up with the Federal Reserve’s June policy update, which held rates at 3.50%–3.75% but signaled a less supportive outlook for risk assets. The Fed’s projections shifted higher for both expected rates and inflation, reducing the case for quick easing. The key signal is not just the aggregate outflow but issuer-level dispersion: some products still attracted capital even as others saw redemptions. That suggests rotation and wrapper selection under tighter macro conditions, rather than a broad, across-the-board exit from Bitcoin ETFs.
