Combined institutional flows across spot Bitcoin ETFs, stablecoins and the world’s largest corporate holder of BTC, Strategy, have swung to a record $8 billion in net outflows in the last 30 days, according to analysis published by BIT on June 22.

The scale of the reversal went beyond the mere slowing down seen in late 2025, with flows turning outright negative this time around, and the firm warned that without a major catalyst, buying may not return soon.

ETF Withdrawals and Falling Liquidity Weigh on Sentiment

BIT wrote in a June 22 post on X that combined flows from stablecoins, spot BTC ETFs, and Strategy have swung to “a record $8 billion in net outflows,” adding that institutions were reducing exposure to the cryptocurrency ahead of summer.

Indeed, data from SoSoValue shows that funds tracking Bitcoin bled out $2.43 billion in May and have recorded net outflows of $2.26 billion so far in June, with more than a week still left. As CryptoPotato reported earlier, the products have gone for six weeks straight in the red, with last week seeing nearly $227 million leave, which was an actual improvement on the -$1.72 billion and -$316 million recorded in the previous two weeks.

Furthermore, on-chain stablecoin data from CryptoQuant adds some texture to BIT’s claims, as it shows all-exchange stablecoin reserves currently sitting at $63.3 billion, with a 24-hour net flow of -$103.7 million. A negative net flow indicates that more coins are being withdrawn than deposited, which often means that buying power is leaving exchanges rather than accumulating.

According to analyst Markus Thielen, who authored the market brief, flows did go down in Q4 2025 as well, but importantly, at that time, they merely stalled rather than actually reversing, and that difference matters for how the current price drop should be interpreted.

“This suggests the move to from $82,000 to $62,000 could prove more consequential than the earlier decline from $102,000 to $82,000,” he wrote.

His assessment concluded that without a dovish pivot from the Federal Reserve or another clear catalyst, there might be very little buying in the near term. He, however, noted that selling volatility may still offer opportunities, even if “upside appears limited.”

Meanwhile, Strategy’s preferred STRC stock experienced a major sell-off last week, apparently caused by leveraged traders who pulled its price as low as $82.50. And although the company recently spent $100 million to add 1,587 BTC to its stash, popular analyst Kaleo warned that it could be forced to sell as much as 50,000 BTC over the next two years.

Bitcoin Nears $65,000

During the weekend, BTC rose from around $63,000 to just above $64,000, according to CoinGecko data. However, early Monday morning, the OG cryptocurrency dipped back near the $63,000 level, but at the time of writing it had clawed back those losses and even managed to go above $65,000, gaining a modest 2% over 2 weeks despite the outflows.

But if BIT’s analysis holds, it could be at the mercy of institutions preserving capital instead of increasing exposure, with their data suggesting that caution could shape the market heading into the second half of the year.

Source: CryptoPotato