US-listed spot Bitcoin exchange-traded funds (ETFs) have seen outflows for the third day in a row, losing over $1 billion.
This trend indicates a shift in institutional sentiment as Bitcoin’s price remains around $105,000 without a clear breakout.
Outflows from US Bitcoin ETFs
Data from SoSoValue reveals that 12 US-listed spot Bitcoin ETFs experienced net outflows of $268 million on June 2. This follows larger outflows on May 29 and 30, totaling over $1 billion.
Industry experts believe these outflows are linked to a cooling market overall.
Bitcoin’s price has been range-bound for the past week, leading large investors to reduce risk or allocate capital to other assets. This behavior is common during periods of price consolidation with muted expectations of short-term gains.
Even the largest US Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), has not been immune to this trend.
Despite this, IBIT remains among the top 25 largest ETFs in the country, managing over $72 billion in assets.
Bloomberg ETF analyst Eric Balchunas noted IBIT’s rapid growth in a recent report, highlighting its status as the youngest ETF in the top 25 at just 1.4 years old, much younger than its competitors.
European retail investors now have access to Bitcoin ETFs
Despite recent price movements, institutional investors in other regions continue to show interest in Bitcoin.
On June 3, Jacobi Asset Management expanded access to its Bitcoin ETF by removing long-standing investment restrictions, allowing retail investors in Europe to invest directly in the product following a regulatory change in Guernsey.
Jacobi CEO Peter Lane welcomed this development, stating:
“Our fund was designed with a regulated, institutional-grade structure that investors could trust. With increased regulatory alignment and growing public interest, we are excited to offer access to all investors across eligible jurisdictions.”
He also praised Guernsey’s proactive stance and expressed optimism about the potential for more regulated crypto investment options in the future.
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