Bitcoin ETFs just posted their first losing half in history.

$5.4B net outflow across spot BTC ETFs, breaking a two-year streak of positive half-years. IBIT, the fund that led prior inflows, lost more in May and June alone ($5B) than in every other down-month combined since launch.

ETH ETFs saw the same story: first negative half ever, -$1.47B, now 28% below their October 2025 peak.

We unpack how BTC and ETH ETFs have performed over the last 6 months, how capital is shifting across ETH ETFs and our take on the future in the latest volume of Eyes on the Market.