Bitcoin ETFs suffered $8 billion in outflows over two months as BTC declined from $83k to $57.7k, while gold ETFs faced even larger redemptions.
Macro & Markets ·
Spot Bitcoin ETFs experienced outflows exceeding $8 billion over roughly two months, as BTC declined from $83,000 to a low of $57,700 in early July. During the same period, the world's largest gold-backed ETF, GLD, faced even steeper redemptions—$14.4 billion in total since March, with $8.5 billion withdrawn in March alone, marking the largest monthly outflow in its 22-year history.
The divergent scale of these outflows reflects the assets' relative market positions. GLD, with approximately $130 billion in assets under management, is more than twice as large as all spot Bitcoin ETFs combined. According to analysis, gold's exodus accelerated amid a price collapse from $5,600 per ounce in late January to $4,000 by early July. Bitcoin's heaviest monthly redemption occurred in June, when over $4.5 billion left BTC ETFs, exceeding GLD's outflow in that single month.
Early July data suggested gold outflows may be stabilizing, with mid-month withdrawals from GLD dropping below $50 million and prompting speculation about a potential market recovery. Bitcoin ETF behavior remains less clear, however—while BTC recovered modestly from its July low, the underlying uncertainty around institutional positioning continues to weigh on prospects for a sustained rally.