US Spot Bitcoin ETFs Extend Losing Streak Amid Ongoing Price Consolidation

The ongoing trend of net withdrawals from US spot Bitcoin ETFs continues, with June 2 marking the 12th consecutive trading day of outflows. According to data compiled by Trader T, these funds experienced a total net outflow of $519.23 million on this particular day.

BlackRock's iShares Bitcoin Trust (IBIT) led the charge with a significant withdrawal of $388.68 million, followed closely by Grayscale's GBTC and Fidelity's FBTC. Ark Invest's ARKB also saw a notable outflow of $16.67 million. Morgan Stanley's MSBT, however, bucked this trend with a modest net inflow of $14.77 million.

The sustained outflows have coincided with a period of price consolidation for Bitcoin, as the leading cryptocurrency struggles to regain momentum above the $70,000 level. This trend has left some traders cautious and highlights the importance of monitoring institutional investor sentiment through ETF flow data.