$1B Bitcoin ETF Outflow — Are Buyers Pulling Back?

Key Notes

• Bitcoin ETFs lost $1.21 billion between May 29 and June 2.
• June 3 reversed the trend, with $378 million in inflows led by ARKB.
• Data suggests that profit-taking has recently intensified, with realized gains topping $500 million per hour.

Bitcoin exchange-traded funds (ETFs) experienced a sharp reversal in investor sentiment between May 29 and June 2, recording a combined net outflow of $1.21 billion. This marks the first time since mid-March that these funds have lost over $1 billion in a few trading sessions.

According to data by SoSoValue, Bitcoin ETFs saw outflows of $358.65 million on May 29, followed by $616.22 million on May 30, and $267.5 million on June 2.

However, on June 3, the three-day streak broke when the funds attracted $378 million in net inflows led by Ark & 21Shares’ ARKB, which alone drew in $140 million.

Bitcoin Price Drop Accelerates Outflows

Notably, the sell-off was triggered by Bitcoin’s decline from its all-time high of $112,000, reached on May 22. On the same day, BTC

BTC $105 467

24h volatility: 0.4%

Market cap: $2.10 T

Vol. 24h: $25.05 B

also saw the “golden cross” emerge, when the 50-day SMA moved above the 200-day SMA. This is typically seen as a sign of long-term bullish momentum.

Yet, despite the positive indicator, many investors have been locking in profits. According to Glassnode, realized profits surged above $500 million per hour three times on June 3. This spike reflects one of the highest levels of profit-taking since early February.

Another metric, the entity-adjusted Spent Output Profit Ratio (SOPR), has also been trending upward. This ratio shows that the average coin moved recently secured around a 16% gain, suggesting that many investors are now opting to cash out.

Interestingly, amid this massive profit-taking, “some of the biggest whales” are buying Bitcoin. As per the on-chain data shared by popular crypto analyst Ali Martinez, investors holding between 1,000 to 10,000 BTC have accumulated over 30,000 BTC in the past five days.

New Entry Point for BTC Traders?

At the time of writing, Bitcoin price is at around $105,495, with no major movement in the last 24 hours. While the cryptocurrency holds above the $2 trillion market cap level, the price remains 5.7% below its peak.

CryptoQuant analyst Abram believes investors are now eyeing a key support level near $96,700 — a zone that aligns with the average cost basis of short-term holders. This suggests that the market could experience a short-term price drop, offering a new entry point after the ongoing sell-off.

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