Bitcoin ETFs Post $5.4B Net Outflows in H1 2026

Spot bitcoin exchange-traded funds recorded $5.4 billion in net outflows in the first half of 2026, their first negative half-year since the products launched, DWF Labs’ analysis showed. The firm linked the reversal to weaker crypto sentiment as capital and attention shifted toward artificial intelligence-related investments.

The outflows ended a roughly two-year run of steady demand that had driven cumulative net flows to $56.6 billion at the start of 2026. January erased about $1.6 billion in flows, and by Feb. 23 cumulative net inflows had fallen to $53.8 billion. A rally in April pushed cumulative flows back to $59.8 billion by May 6, driven almost entirely by BlackRock’s IBIT, which accounted for 99.6% of the category’s April inflow.

From May 15 to June 3, bitcoin ETFs logged 13 consecutive trading sessions of outflows, removing $4.4 billion and wiping out April gains. BlackRock’s IBIT, which has led the category by historical flows, posted roughly $5 billion in net outflows across May and June, more than all previous IBIT outflow months combined. Since launch IBIT has attracted about $60.3 billion in net inflows, roughly 3.3 times the total of its peers combined, excluding Grayscale’s GBTC.

Spot ether ETFs also finished the first half in negative territory, with $1.47 billion in net outflows across 123 trading days, including 73 negative days and 49 positive days. Cumulative ether ETF inflows stood at $10.9 billion on June 30, down about 28% from an October 2025 peak of $15.1 billion.

Staked ether products gained traction after U.S. regulatory guidance in 2025 allowed certain funds to perform protocol staking. Grayscale activated staking on ETHE and its mini trust, 21Shares began staking distributions on TETH, and BlackRock launched ETHB in March. DWF Labs’ figures show inflows into those yield-bearing products did not offset broader selling pressure.

DWF Labs noted that roughly $80 billion remains invested in bitcoin ETFs and that crypto infrastructure is deeper than in prior cycles. The firm added, “The flows reflect broader sentiment toward crypto as an asset class. The fundamentals for crypto have never been stronger.”