Bitcoin trades under $66,000 amid outflows

Bitcoin fell below $66,000 on June 3 as investors pulled money from U.S. spot crypto exchange-traded funds, extending a run of withdrawals across both bitcoin and ether products. U.S. spot bitcoin ETFs recorded $519.1 million in net outflows on June 2, according to Farside Investors, while U.S. spot ether ETFs posted $90.2 million in net outflows the same day. BlackRock's iShares Bitcoin Trust, the largest U.S. spot bitcoin fund, accounted for $388.6 million of the bitcoin withdrawals, Farside's data showed. Bitcoin was quoted at about $66,354 on Crypto.com US on Wednesday. ### Which fund accounted for most of the bitcoin outflows? BlackRock's IBIT posted $388.6 million in outflows on June 2, far more than any other U.S. spot bitcoin ETF in Farside's daily table. Fidelity's FBTC lost $45.1 million, Bitwise's BITB lost $16.7 million, and Grayscale's GBTC lost $83.5 million, while a small inflow of $14.8 million went to BTC, the table showed. The combined result was a net $519.1 million withdrawn from the U.S. spot bitcoin ETF group. (farside.co.uk) Farside said its bitcoin ETF figures are updated in real time and sourced from daily fund flow data. The site also notes that the automatically generated table may contain errors or inaccuracies. ### What does a large IBIT outflow represent mechanically? BlackRock says IBIT is an exchange-traded product designed to reflect the price of bitcoin and holds bitcoin directly in the trust. (farside.co.uk) The fund's page listed $52.57 billion in net assets as of June 2, 2026, and 784,910.53380 bitcoin held as of June 1. When investors redeem shares in a physically backed fund, the trust reduces assets to meet those redemptions; market participants and data services often describe that process as associated selling of the underlying bitcoin. (farside.co.uk) BlackRock's fund page did not describe the June 2 outflow as discretionary selling by the asset manager. It presented IBIT as a trust whose holdings and basket amounts change with creations and redemptions. ### How broad was the selling across crypto ETFs? U.S. spot ether ETFs also showed withdrawals on June 2, with net outflows of $90.2 million, according to Farside. (blackrock.com) BlackRock's ETHA lost $44.3 million, Fidelity's FETH lost $15.6 million, Grayscale's ETHE lost $25.4 million, and Franklin's EZET lost $3.9 million, the table showed. The June 2 bitcoin withdrawal followed a $483.8 million net outflow on June 1, Farside's bitcoin table showed. (blackrock.com) Ether funds also lost $44.5 million on June 1. ### Where was bitcoin trading as the outflows were reported? Crypto.com US showed bitcoin at about $66,354 on Wednesday, down 6.36% over 24 hours at the time the page was crawled. Other market trackers cited by search results showed different prices because of timing and venue differences, but each reflected a sharp daily decline. (farside.co.uk) BlackRock's IBIT page listed a benchmark level of $66,991.23 as of June 2 and a net asset value of $37.95, down 6.21% on the day. (farside.co.uk) The fund's closing price was $40.49 as of June 1, according to the same page. ### What should investors watch next in the data? Farside said its daily bitcoin and ether ETF tables update as new fund flow figures are published, typically later in the U.S. trading day. (crypto.com) BlackRock's IBIT page also updates holdings, net assets and NAV with dated entries for each trading session. The next data points to watch are the June 3 fund-flow updates and BlackRock's next published IBIT holdings and NAV figures. (blackrock.com) (farside.co.uk)