Spot Bitcoin ETFs in the U.S. just logged their worst month of outflows since launch, undercutting the narrative that institutional adoption would provide a steady bid for the asset. According to a market update from WuBlockchain, Galaxy Research data shows that over the past 30 days the group of funds hemorrhaged a net $6.35 billion—the largest such drawdown across all 582 rolling 30-day windows tracked by the research firm.