The US-listed Spot Bitcoin Exchange Trade Fund (ETF) has begun its third consecutive day of outflows, dropping out more than $1 billion.
This trend reflects a shift in institutional sentiment as Bitcoin prices continue to mark the $105,000 mark with around 105,000 mark without a clear breakout.
US Bitcoin ETFS Outflow
Data from SOSOValue shows that on June 2 alone, 12 US-listed spot Bitcoin ETFs experienced a net outflow of $268 million. This followed a massive exit on May 29th and 30th, with funds lost by raising over $1 billion.
Industry analysts suggest that these outflows are linked to wider market cooling.
Bitcoin prices have been trading in tight bands over the past week, urging large investors to reduce risk or transfer capital to other asset classes. This behavior is common during periods of price consolidation where short-term profit expectations are reduced.
ISHARES BITcoin Trust (IBIT) of BlackRock, the largest Bitcoin ETF in the United States, was unsuppressed by this trend.
However, it has not had a major impact on its position among the country’s top 25 largest ETFs. IBIT currently manages more than $72 billion in assets.
Bloomberg ETF analyst Eric Bulknath highlighted the rapid rise in IBIT in a recent analysis. He pointed out that at just 1.4 years old, IBit is the youngest ETF in the top 25, and is much younger than any peer.
European retail investors can access Bitcoin ETFs
Despite Bitcoin’s recent price performance, institutional investors in other jurisdictions continue to be interested in flagship digital assets.
On June 3, Jacobi Asset Management expanded access to Bitcoin ETFs by removing long-standing investment restrictions.
The change will allow European retail investors to invest directly in their products following a decision by Guernsey’s regulator to scrap the specialized classification and minimum capital requirements.
Jacobi CEO Peter Lane welcomed the change.
“Our funds were designed from day one with a regulated institutional grade structure that investors are trusted and familiar with. We are now pleased to expand access to all investors across eligible jurisdictions due to increased regulatory integrity and public interest.”
He also praised Guernsey’s aggressive approach and expressed optimism about the possibility of quickly deploying more regulated crypto-invested vehicles.
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