Outflows Ease Into the Close: Bitcoin ETFs Steady After a Heavy Start
Weekly Market Update #117
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Before jumping into last week’s action, check out the following pieces:
The DEFT Valour Investment Opportunity Index (DVIO), engineered by DeFi Technologies, tracks the top 50 crypto assets by AUM across Valour’s 100+ exchange-listed ETPs. Every constituent represents real, regulated investor capital, with weights rebalanced weekly to reflect shifts in capital allocation and net flows. Proprietary research on the index is published weekly here.
Weekly Market Developments
Trade.xyz clarifies SPCX pre-IPO contract issues - link
Pyth launches 24/7 proprietary indices for US equities, oil and metals - link
Humanity Protocol publishes H token incident update - link
AFI Protocol details $480k afiUSD vault exploit from May 30 - link
Sahara AI token sells off sharply - link
Zcash finalizes Ironwood upgrade plan - link
Circle launches cirBTC on Ethereum - link
Morpho raises $175M - link
Janus Henderson takes ENA position, eyes regulated Ethena-linked products - link
Zodl proposes Ironwood ZEC network upgrade with new shielded pool - link
Zooko details Zcash Orchard counterfeiting vulnerability and next steps - link
Jupiter launches Forecast for market makers - link
Fear & Greed Index
ETF Flows
US spot Bitcoin ETFs shed a net -$1,722M between June 1 and 5, a fourth consecutive week of heavy redemptions, with outflows on four of the five trading days. The bleed was front-loaded: Monday’s -$483.8M, Tuesday’s -$519.1M and Wednesday’s -$396.6M combined for -$1,399.5M, roughly 81 percent of the weekly total. Tuesday’s print, the worst of the week, landed as bitcoin broke below $70,000 to an intraday low of $69,648, its weakest level since early April.
BlackRock’s IBIT drove roughly 78 percent of the net damage at -$1,337.2M, stacking -$440.3M Monday, -$388.6M Tuesday and -$342.3M Wednesday before a brief Thursday reprieve. Fidelity’s FBTC bled -$201.9M across all five sessions, Grayscale’s GBTC gave up -$144.3M and Ark/21Shares’ ARKB lost -$49.7M; VanEck’s HODL eked out +$4.2M.
The macro backdrop offered no relief. Oil held near $94.40 a barrel on stalled efforts to reopen the Strait of Hormuz, stoking concern that energy costs will keep rates elevated, while equities eased from record highs as investors locked in gains on the AI rally. Strategy added symbolic pressure, disclosing in a Monday 8-K that it sold 32 BTC for $2.5M at an average $77,135 to fund preferred stock distributions. By Wednesday bitcoin traded near $66,500, down nearly 10 percent on the week and more than 45 percent below October’s highs above $120,000.
US spot Ethereum ETFs posted net outflows on four of five sessions between June 1 and 5, with cumulative net redemptions of -$174.4M. The selling was front-loaded: Monday’s -$44.5M, Tuesday’s -$90.2M and Wednesday’s -$53.0M combined for -$187.7M, more than the week’s net total before Thursday’s lone inflow clawed some of it back.
BlackRock’s ETHA drove the move, accounting for -$124.8M of the weekly figure, roughly 72 percent, with redemptions that deepened from -$35.0M Monday to -$44.3M Tuesday and -$51.6M Wednesday. Fidelity’s FETH shed -$26.5M and Grayscale’s mini ETH trust another -$25.4M; legacy ETHE was essentially flat at -$0.7M, and Bitwise’s ETHB was the only fund in the green at +$3.0M.
Set against Bitcoin, the Ethereum complex looked almost orderly. The week’s -$174.4M amounted to roughly 10 percent of the -$1,722.0M that left US spot Bitcoin ETFs over the same five days, and both products broke their streaks in the same Thursday session, with the Bitcoin funds capping 13 straight days of outflows totaling roughly $4.4B.
Top Gainers & Losers
Gainers:
$BEAT (Audiera, +559.33%) returns to this section after its appearance in our May 25 issue, when a NeuroMesh robotics integration drove the first leg. This leg coincided with the project's revenue-and-burn flywheel: Audiera's official X account posted its weekly update on June 8 reporting 772,045 BEAT (about $2.87M in USDT terms) of platform revenue for June 1 through June 8 and 770,545 BEAT burned, lifting cumulative burns to 12.35M BEAT, while the team simultaneously opened a #CreateTheAnthem AI anthem campaign with FanForce timed to the 2026 World Cup. By June 11 the token ranked #30 on CoinMarketCap at a $2.69B market cap.
$BTW (Bitway, +238.04%), an onchain wealth-management platform building a Bitcoin-compatible proof-of-stake Layer 1, had the most clearly timed in-window catalyst: Binance Futures announced a BTWUSDT perpetual contract on June 4, the first day of the window. The token held a $184M market cap as of June 11.
Losers:
$H (Humanity Protocol, -71.84%) is the week's exploit casualty, covered in the news section above. Attackers compromised private keys held by a member of the Humanity Foundation on June 8, draining around 17 project-linked wallets for more than $32 million, with losses later reported above $36 million after the attacker also took over bridge contracts on BNB Chain and minted fresh supply. Per CoinDesk, the root cause was operational: three of six Ethereum multisig keys and three of five BNB Chain keys had been backed up to a single compromised laptop. H collapsed from roughly $0.67 to as low as about $0.05 intraday, a drop of about 90%, and the -71.84% weekly print reflects only a partial recovery into the mid-$0.10s.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky, and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose, and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.