DWF Labs: U.S. Spot Bitcoin ETFs Post First-Ever Half-Year Net Outflows Since Launch DWF Labs said U.S. spot Bitcoin ETFs posted their first-ever net outflows on a half-year basis since launch, ending H1 2026 with $5.4 billion in net outflows after recording net inflows in every previous half-year. The report also noted that spot Bitcoin ETFs logged a record 13 consecutive trading days of net outflows between May 15 and June 3, while BlackRock’s IBIT saw about $5 billion in net redemptions across May and June, reversing its historical role as the category’s largest source of inflows. U.S. spot Ether ETFs also recorded their first half-year net outflows since launch, with $1.47 billion in net outflows during H1 2026. DWF Labs said the flow trends reflect weaker demand for crypto exposure, with some capital rotating into staking-enabled Ether ETFs but overall investor positioning shifting toward reduced exposure to the asset class.