US spot Bitcoin ETFs recorded net outflows of 77,033 BTC, worth approximately $4.9 billion, between April and June 2026—the largest quarterly redemption since the products launched in January 2024. K33 Research data shared by Unfolded shows that institutions disclosing holdings through U.S. Securities and Exchange Commission 13F filings reduced their positions by 1,194 BTC, while other investors—including retail participants and non-reporting entities—accounted for 75,839 BTC of net outflows. Institutional holdings declined for a third straight quarter, but most of the selling came from investors outside the reporting group. Flow data identifies net Bitcoin movement rather than investor type, so the characterization of the outflow as retail-led is an interpretation rather than a confirmed breakdown of redeemers. The quarter challenges the view that spot ETFs provide only one-way support for Bitcoin demand. Analysts will be watching whether daily flows stabilize or continue to weaken, whether demand elsewhere offsets the ETF gap and whether Bitcoin can overcome resistance around $72,500.