New York, June 4, 2026, 13:03 (EDT)
- Osprey Bitcoin Trust dropped 2.6% to $20.44 in midday trading.
- Bitcoin was last seen around $63,447, after hitting an intraday low of $61,503.
- Spot Bitcoin ETFs in the U.S. recorded $396.6 million in net outflows on June 3, according to Farside Investors.
Osprey Bitcoin Trust dropped in midday trade Thursday, with Bitcoin holding close to its lowest point in over three months. That kept pressure on listed products linked to the token.
OBTC traded at $20.44, off 2.6%, as 13,643 shares changed hands. Bitcoin was sitting near $63,447, down 3.7% for the day, moving between $61,503 and $66,071.
OBTC is a stock-market wrapper for Bitcoin exposure. Osprey says its product tracks the CME CF Bitcoin Reference Rate – New York Variant, an index used to price Bitcoin, minus expenses and liabilities. As of June 3, Osprey’s website listed a net asset value of $21.11, a closing price of $21.00, and $61.8 million in assets.
Bitcoin slid again, with the token down 4% to $64,721.39, according to Reuters on Wednesday. That’s the lowest it’s been since February 28. The price slipped further on Thursday in the latest trade.
Flows are moving out of the sector. U.S. spot Bitcoin exchange-traded funds saw net outflows of $396.6 million on June 3, Farside Investors said, after $519.1 million left on June 2 and $483.8 million on June 1. Investors pulled more cash than they added to these Bitcoin funds.
Larger peers fell too, putting Osprey’s drop in a wider market context instead of pointing to company issues. BlackRock’s iShares Bitcoin Trust slipped 2.4% to $36.125. Bitwise Bitcoin ETF also moved down 2.4%, last trading at $34.63.
Bitcoin bulls unfazed after tough week, analysts say
Standard Chartered’s Geoffrey Kendrick called this week “painful” but told Reuters he’s sticking with his $100,000 year-end target for Bitcoin. IG Bank’s Fabien Yip said Strategy’s recent Bitcoin sale was “symbolic,” since Michael Saylor’s firm has been a proxy for strong Bitcoin conviction. Reuters
That’s key for OBTC since trust products don’t call their own direction. Their trading often moves with Bitcoin, fund flows, and the trust’s own discount or premium to net asset value. When there’s a discount, shares trade below the value of the trust’s assets.
But there’s a risk Bitcoin hasn’t settled at a bottom yet. Kendrick said more selling pressure could hit if Bitcoin drops through $60,000. Osprey itself warns in its materials that OBTC isn’t the same as holding Bitcoin and comes with high volatility, including chances of losing principal.
Right now, traders are focused on Bitcoin’s Thursday low around $61,500 and OBTC’s discount from its June 3 NAV. If Bitcoin holds up, the pressure on OBTC could cool. But if ETF outflows continue and Bitcoin heads for $60,000, the trust may keep struggling.
