Bitcoin ETFs Lose $696 Million In One Day As Price Falls Below $60,000

US spot Bitcoin ETFs shed $696.3 million on Thursday, the worst single-day outflow of June. The withdrawal hit as Bitcoin fell below $60,000, deepening a slide that has wiped out most of 2025's gains.

The outflow beat the previous June high of $519.2 million, set on June 2, according to SoSoValue data. Monthly outflows from these funds now total $3.61 billion. Year-to-date net outflows stand at $4.6 billion.

Bitcoin traded around $60,200 as of Friday, down from an all-time high of $126,198 reached in October 2025. That puts the price roughly 52% below its peak, the steepest drawdown since the 2022 bear market.

ETF Assets Have Shrunk By More Than Half

Total net assets across US spot Bitcoin ETFs reached a record $169.5 billion in October 2025, when Bitcoin hit its high. As of Friday, that figure had dropped to about $72.6 billion. That is a decline of roughly 57% in eight months.

The funds still hold a large pool of Bitcoin. Combined, they own about 1.24 million BTC, according to WalletPilot data. Around 63,500 BTC left these products over the past 30 days alone.

These funds launched in January 2024 and quickly became the main entry point for institutional Bitcoin exposure. Inflows drove much of the 2025 rally. The current outflow streak reverses that pattern and shows institutions pulling back at the same pace they once piled in.

Strategy Has Slowed Its Buying Sharply

ETF withdrawals are not the only sign of fading institutional demand. Strategy, the company led by Michael Saylor and the largest corporate holder of Bitcoin, has cut its buying pace for three straight months.

The company bought about 3,600 BTC in June. That compares with roughly 25,000 BTC in May and more than 50,000 BTC in April, according to its own purchase filings. Strategy also sold 32 BTC earlier this month, a rare move for a company that has spent years only accumulating.

Strategy holds 847,363 BTC, worth about $51.3 billion at current prices. Its average cost basis sits near $75,646 per coin, meaning the position now carries an unrealized loss at today's price.

Strategy's Valuation Has Fallen Below Its Bitcoin Holdings

The pressure has spread to Strategy's stock and financing structure. On Friday, the company's enterprise mNAV, a ratio comparing its market value to the value of its Bitcoin, dropped below 1 for the first time. That means the market now prices the company below the worth of the Bitcoin it holds.

MSTR stock closed near $82.80 on Friday, a 23-month low. The stock is down 46% over the past month and roughly 78% over the past year. It once traded above $450.

STRC, Strategy's perpetual preferred stock, has also broken down. It closed at $75.69 on Thursday, down 6.37% and well below its intended $100 par value. Bitcoin advocate Samson Mow has pointed to a built-in mechanism: Strategy pauses new share sales through its ATM program once STRC trades below $100, which limits further dilution.

Analysts at CryptoQuant have urged Strategy to pause Bitcoin purchases entirely and rebuild cash reserves instead. The firm's cash position fell 38% this year to roughly $1.4 billion, enough to cover about a year of dividend payments on its preferred stock. Some commentators have raised the word bankruptcy in connection with the stock, though Strategy has not signaled financial distress beyond the cash drawdown.

What This Means For Bitcoin Markets

The combination of ETF outflows and a slower Strategy is notable because both were primary demand engines during the 2025 rally. When ETFs and corporate treasuries buy aggressively, prices tend to rise faster than spot demand alone would suggest. The reverse is also true.

The drop below $60,000 marks Bitcoin's first close under that level since the third quarter of 2024. Other factors have added pressure too, including a broader pullback in technology stocks and uncertainty around US crypto legislation such as the CLARITY Act.

There are arguments on both sides of where this goes next. Bears point to the death cross pattern in moving averages and a Fear and Greed Index reading in the low teens, both signs of weak sentiment. Bulls note that long-term holders have kept buying at lower prices, and some analysts view the current range as a normal pullback within Bitcoin's long-term growth pattern rather than a structural breakdown.

For now, the data shows real money leaving Bitcoin ETFs at the fastest pace of the year, and the largest corporate buyer pulling back at the same time. Whether this is a temporary shakeout or the start of a longer retreat from institutional Bitcoin exposure will depend on where the price stabilizes in the coming weeks.