Bitcoin ETFs Shed $5.75 Billion as Arbitrage Unwinding, Not IPO Demand, Drives Outflows
Updated
Updated · CoinDesk · Jun 11
Bitcoin ETFs Shed $5.75 Billion as Arbitrage Unwinding, Not IPO Demand, Drives Outflows
2 articles · Updated · CoinDesk · Jun 11
Summary
$5.75 billion has left bitcoin ETFs since mid-May, with Sygnum CIO Fabian Dori saying the redemptions look tied to carry-trade unwinds rather than investors raising cash for expected IPOs such as SpaceX.
CME bitcoin futures open interest fell alongside ETF outflows, a pattern Dori says fits cash-and-carry arbitrage being closed as futures premiums and funding conditions became less attractive.
Exchange balances and stablecoin supply show little abnormal contraction, while higher-risk crypto products are still attracting inflows—signals that broad capital is not leaving digital assets.
Bitcoin fell below $60,000 in early June, its lowest level of 2026 and more than 50% under the roughly $125,000 peak reached last October.