Bitcoin ETFs See $1.21 Billion Outflow, First Since March

Bitcoin exchange-traded funds (ETFs) faced a significant reversal of investor sentiment, with net outflows totaling $1.21 billion from May 29 to June 2. This is the first occurrence of such substantial outflows since mid-March.

May 29: Outflow of $358.65 million
May 30: Outflow of $616.22 million
June 2: Outflow of $267.5 million

On June 3, this trend reversed, as Bitcoin ETFs attracted $378 million in net inflows, primarily driven by Ark & 21Shares' ARKB, which brought in $140 million.

Factors Influencing Outflows

The sell-off coincided with Bitcoin's drop from its peak of $112,000 on May 22, despite a "golden cross" indicating potential bullish momentum. Profit-taking intensified, with realized profits exceeding $500 million per hour three times on June 3.

Entity-adjusted Spent Output Profit Ratio (SOPR) indicates average gains of around 16%
Whales holding between 1,000 to 10,000 BTC accumulated over 30,000 BTC in five days

Current Market Status

Bitcoin is currently priced at approximately $105,495, remaining 5.7% below its all-time high. Analysts are eyeing a key support level near $96,700, suggesting a potential new entry point for investors following recent corrections.