Spot Bitcoin ETFs closed the first half of 2026 in negative territory for the first time since launch, interrupting a long cycle of consistent inflows that characterized the past years. Data analyzed by DWF Labs shows that the funds recorded net outflows of US$ 5,4 billion during the period.
By the start of the year, the segment had accumulated US$ 56,6 billion in net inflows, reflecting strong institutional demand. However, the pace began to slow down as early as January, when the ETFs recorded outflows of US$ 1,6 billion. In less than two months, the cumulative total fell to US$ 53,8 billion, indicating a significant shift in investor behavior.
Despite a brief recovery in April, when flows returned to rise and reached US$ 59,8 billion by the beginning of May, the move quickly lost momentum. The highlight at that time was IBIT, from BlackRock, responsible for almost all inflows during the month. Still, the improvement did not hold in the following weeks.
Between mid-May and early June, the ETFs faced a streak of 13 consecutive trading sessions of outflows, the longest since these products debuted. During that interval, about US$ 4,4 billion left the market, reversing recent gains.
IBIT, which historically concentrated most of the contributions, also went through a shift in trend. After months of leading inflows, the fund recorded around US$ 5 billion in net outflows only in May and June, exceeding all previously accumulated negative volume.
Ether ETFs followed a similar trajectory in the period. Over 123 trading days, the products recorded US$ 1,47 billion in net outflows, with negative days predominating. The cumulative total fell to US$ 10,9 billion by the end of June, below the peak observed in October 2025.
Even with the introduction of products with staking and regulatory adjustments in the United States, demand was not enough to offset selling pressure. According to DWF Labs, “the flows reflect the broader sentiment regarding cryptocurrencies as an asset class. The fundamentals of cryptocurrencies have never been so solid.”
Still, about US$ 80 billion remains allocated in Bitcoin ETFs, supported mainly by investors who started having easier access to BTC exposure through these instruments.