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$4.4 billion out of US spot Bitcoin ETFs in 13 straight days.
BlackRock's IBIT bled $213M on June 5th alone, roughly 3,580 $BTC in a single session. Grayscale and Fidelity followed. This wasn't one fund's problem. It was coordinated.
The macro backdrop explains a lot. Strong jobs data killed rate cut expectations, Treasury yields stayed elevated, and institutional allocators started doing the math on a non-yielding asset. Many entered IBIT in the $52K-$58K range this looks more like disciplined profit-taking than panic.
What's actually interesting: $ETH outflows the same day were just $6M. Bitcoin bled 54x more through ETFs. That's not a broad crypto selloff, it's something specific to BTC institutional positioning.
IBIT still holds more Bitcoin than any ETF on earth. But $5B out in 30 days with no clear macro catalyst for reversal, the next few weeks will tell us if this was trimming or a deeper reassessment of Bitcoin's institutional role.
The ETF era proved big money arrived. It also means big money can leave.