Key Highlights
- Thursday witnessed $696.3M in US spot Bitcoin ETF outflows — marking June’s highest single-day withdrawal
- Bitcoin ETF net outflows for 2025 have accumulated to $4.6 billion
- ETF total net assets have plummeted approximately 57% from the October 2025 high of $169.5 billion
- Strategy maintains 844,000 BTC with an average entry at ~$75,600, facing more than $13 billion in paper losses
- STRC, Strategy’s preferred stock instrument, currently trades ~27% beneath its $100 par value, sparking debate over the company’s funding approach
Bitcoin maintained a position around $60,240 on Saturday, posting a modest 0.40% daily gain, even as concerns surrounding ETF capital flight and Strategy’s financial engineering strategy cast shadows over market confidence.
Spot Bitcoin exchange-traded funds in the United States experienced their most significant single-day capital exodus for June on Thursday, with $696.3 million departing these investment vehicles. This figure surpassed the prior June record of $519.2 million recorded on June 2, based on SoSoValue analytics.
June’s cumulative ETF withdrawals have reached $3.61 billion, bringing the year-to-date net capital flight to $4.6 billion.
The aggregate net assets across US spot Bitcoin ETFs have declined to under $73 billion — representing the weakest position since the final months of 2024. This marks a substantial contraction from the October 2025 all-time high of $169.5 billion, reflecting an approximately 57% decrease.
According to WalletPilot tracking data, these ETF products collectively controlled 1.24 million BTC as of Tuesday, with roughly 63,500 BTC exiting during the preceding 30-day window.
Strategy Reduces Acquisition Pace
Strategy, recognized globally as the largest corporate Bitcoin accumulator, has acquired approximately 3,600 BTC throughout June to date. This represents a dramatic deceleration from the roughly 25,000 BTC purchased in May and over 50,000 BTC acquired during April.
The corporation also executed an unusual net disposition of 32 BTC earlier this month. Strategy currently controls 844,000 BTC with an average acquisition cost of approximately $75,600 per unit, translating to unrealized losses exceeding $13 billion under present market conditions.
These paper deficits surpass the complete market capitalization of multiple prominent cryptocurrencies, including Dogecoin, Cardano, and Chainlink.
STRC Faces Headwinds Before June 30 Adjustment
Strategy’s perpetual preferred equity instrument, STRC, concluded Thursday’s session at $75.69, declining 6.37% intraday while trading approximately 27% under its $100 par designation. The effective yield has climbed to around 15%, exceeding its nominal 11.5% rate.
June 30 represents a critical juncture — STRC shares will commence ex-dividend trading and experience their monthly rate recalibration. Shareholders maintaining positions prior to this date will collect a $0.48 per share distribution on July 15.
Ripple CEO Brad Garlinghouse expressed to CNBC his continued optimism regarding Bitcoin while simultaneously critiquing Strategy’s dependence on preferred equity issuance for financing BTC acquisitions, characterizing it as financial maneuvering instead of sustainable value generation.
Cryptocurrency analyst alicharts highlighted on X that Bitcoin seldom trades beneath its 200-week simple moving average, noting that historically such instances have presented compelling long-term accumulation windows. The analyst recommended this represents “exactly when you want to deploy a dollar-cost averaging strategy.”
Bitcoin continued hovering around the $60,000 threshold as of Saturday morning, with market participants closely monitoring the June 30 STRC dividend adjustment as the subsequent critical catalyst.
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