The US spot ETF #BTC saw a net outflow of $267.64 million on Monday this week, a net inflow of $375 million on Tuesday, and a net inflow of $87.03 million on Wednesday, according to CoinAnk data. Last week, the Bitcoin spot trading volume was $86,495,475,955, with a net outflow of $157 million for the week.

We believe that at the beginning of June, the US Bitcoin spot ETF exhibited significant differentiation, reflecting adjustments in institutional investor strategies and changes in market sentiment. Although BlackRock's IBIT maintained its leading position with a net inflow of $584 million for the week, the overall market began to experience net outflows ($157 million last week, $267 million on Monday this week), while the inflows on Tuesday and Wednesday showed a volatile trend, indicating an increased risk aversion among short-term funds.

BlackRock's IBIT has achieved a total historical net inflow of $48.57 billion, and its continued ability to attract capital is attributed to low fees (0.12%-0.25%) and the demand for institutional fund allocation, especially as internal increases in holdings of IBIT by BlackRock's funds have strengthened market confidence. However, compared to the high inflow of $842 million in previous weeks, the recent slowdown in growth may suggest that some investors are taking profits at high Bitcoin prices.

Grayscale achieved a net inflow of $19.81 million through its BTC Mini Trust, possibly related to its reduction in fees (from 1.5% to 0.3%) and product structure adjustments, but this scale is far from sufficient to reverse the long-term outflow trend of GBTC (historical net outflow exceeding $18.8 billion). In contrast, Ark Invest's ARKB experienced a net outflow of $282 million for the week, highlighting the vulnerability of small and medium-sized institutional ETFs during liquidity tightening periods, as their high fees (0.21%) and shrinking market share have exacerbated fund outflow.

It is worth noting that the flow of ETF funds forms a negative feedback loop with Bitcoin prices. The current continuous net outflow may reflect a repricing of market expectations regarding the Federal Reserve's monetary policy or may be related to regulatory dynamics (such as the SEC tightening custody reviews). If the macro environment does not improve, the pressure of capital outflow in the short term may further suppress Bitcoin prices, prompting investors to turn to more cost-effective leading ETF products.