Record ETF Outflows for 8 Straight Weeks—But This Is the Entry Point for the Bottom.

I know what you’re thinking: ETF net outflows for eight straight weeks—the longest streak in history; BlackRock’s IBIT down for 11 days; and in June alone, $4.5 billion left the market.

The headlines are getting scarier by the minute.

But let me tell you an upside-down truth: Historically, when ETF outflows are at their most intense, it often marks a phase of the bottom.

This isn’t feel-good talk—it’s what the data says.

Yes, money is moving out. As of the week of July 2, U.S. spot Bitcoin ETFs recorded net outflows of about $527 million—marking the eighth consecutive week of net outflows. Before this, this category had never seen more than 5 weeks in a row of continuous outflows.

In June alone, the total monthly outflow was $4.5 billion—the worst monthly outflows since these products were launched.

BlackRock’s IBIT, the world’s largest Bitcoin fund, has already been redeemed for 11 consecutive days, totaling roughly $2.2 billion.

With these numbers on the table, who wouldn’t feel uneasy?

In 2023, Grayscale’s GBTC traded at a discount rate as low as 48%. At the time, everyone said, “Institutions are clearing out,” “Bitcoin is doomed.”

So what happened? How much did those who bought GBTC when the discount hit 48% end up making? I won’t spell it out for you.

At the time, JPMorgan estimated that after converting GBTC to an ETF, there would be $2.7 billion of outflows. Did the market panic? It did. But the bottom formed right amid that panic.

Santiment’s data has long said that sustained Bitcoin ETF outflows historically are “often tied to conditions around local bottoms.”

Record outflows → sell-off exhaustion → bottom formation.

We’ve seen this script in 2023, again in early 2024—now it’s repeating in July 2026.

But this time, there’s one key difference—

Someone is stepping in to buy, and buying aggressively.

According to BTCTreasuries, from 2026 to date, listed companies have net purchased 166,984 Bitcoins.

Meanwhile, over the same period, total mining output across the entire network was only 81,153 Bitcoins.

The amount bought by listed companies is more than double what miners produced in that same timeframe.

Average net purchases are about 912 BTC per day.

MicroStrategy holds 847,363 BTC; Twenty One Capital holds 43,514 BTC; Japan-listed company Metaplanet just increased its holdings by another 2,823 coins in the second quarter, bringing total holdings to about 43,000 BTC.

On one side, short-term ETF funds are running out; on the other, long-term capital from listed companies is sweeping the market.