Institutional appetite for Bitcoin remains under pressure as spot Exchange Traded Funds (ETFs) continue to see significant net outflows. Following a period where May saw over $1.4 billion in total outflows, market activity has been dominated by large-scale block trades, including a notable $1.29 billion sale involving BlackRock’s IBIT. While some market observers attribute these movements to routine portfolio rebalancing or profit-taking after prolonged periods of growth, the sustained nature of these outflows is creating a cooling effect on broader investor sentiment.