Spot Bitcoin ETFs posted their worst month on record while leveraged products hit new highs, painting a complicated picture of where investor money is actually going. US spot Bitcoin ETFs turned net negative for 2026 overall, with June delivering $4.5 billion in outflows, the largest single-month exodus on record. AdvertisementWhile crypto-linked funds were seeing outflows, leveraged ETFs as a broader category hit a record of approximately $135 billion in assets under management as of early July 2026. The crypto ETF problemNet flows turning negative for the year means that more money has left spot Bitcoin ETFs than has entered them in 2026. Two metrics will clarify the picture in coming weeks: whether spot Bitcoin ETF outflows stabilize or accelerate beyond June’s $4.5 billion, and whether the leveraged ETF boom continues or reverses.