US Bitcoin ETFs navigate $1.2 billion outflows amid European retail approval

US-listed spot Bitcoin exchange-traded funds (ETFs) have entered a third consecutive day of outflows, shedding more than $1 billion.

This trend reflects a shift in institutional sentiment as Bitcoin’s price continues to hover around the $105,000 mark without a clear breakout.

US Bitcoin ETFs outflow

Data from SoSoValue shows that the 12 US-listed spot Bitcoin ETFs experienced $268 million in net outflows on June 2 alone. This follows larger exits on May 29 and 30, when the funds collectively lost more than $1 billion.

Bitcoin ETF Flows (Source: SoSoValue)

Industry analysts suggest that these outflows are tied to the broader market cooling.

Bitcoin’s price has traded in a tight band over the past week, prompting large investors to reduce risk or shift capital to other asset classes. This behavior is common during periods of price consolidation, where expectations of near-term gains are muted.

BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF in the US, has not been immune to the trend.

However, that has not significantly impacted its position among the country’s top 25 largest ETFs. IBIT currently manages over $72 billion in assets.

BlackRock IBIT Rankings (Source: X/Balchunas)

Bloomberg ETF analyst Eric Balchunas highlighted IBIT’s rapid rise in a recent analysis. He noted that at just 1.4 years old, IBIT is the youngest ETF in the top 25, which is significantly younger than any of its peers.

European retail investors gain access to Bitcoin ETFs

Despite Bitcoin’s recent price performance, institutional investors in other jurisdictions remain interested in the flagship digital asset.

On June 3, Jacobi Asset Management expanded access to its Bitcoin ETF by removing long-standing investment restrictions.

The change allows retail investors in Europe to directly invest in the product, following a decision by Guernsey’s regulator to scrap the professional-only classification and minimum capital requirements.

Jacobi CEO Peter Lane welcomed the change, saying:

“Our fund was designed from day one with a regulated, institutional-grade structure that investors could trust and were familiar with. Now, with greater regulatory alignment and growing public interest, we’re delighted to expand access to all investors across eligible jurisdictions.”

He also praised Guernsey’s proactive approach and expressed optimism about the potential to roll out more regulated crypto investment vehicles soon.

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