Spot Bitcoin ETFs are undergoing the most severe monthly outflows on record. As of June to date, net outflows have already reached $400 million, setting a monthly record. This is not panic selling by retail investors; rather, under macro pressure, institutional capital is structurally rebalancing. Among current ETF investors, institutions account for more than 70%. Sovereign wealth funds and pension funds have systematically reduced their risk exposure due to factors such as risks in US Treasury bonds, stubborn inflation, and AI compute capacity squeezing. As a result, ETFs have become the most convenient tool for trimming positions. Outflows themselves can further intensify downward price pressure, creating a negative feedback loop. However, on-chain data shows that the amount of supply in losses has hit a historical high. In the short term, speculative traders are likely to exit in panic, while some whales and miners continue to accumulate. If ETF capital outflows slow down, the market may see a degree of temporary repair. But the broader direction of tighter macro liquidity remains unchanged, so the strength of any rebound is questionable.

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