Market analysts believe outflows from European Bitcoin ETPs have increased as institutional traders shift to U.S. funds. CoinShares researcher Luke Nolan said that institutional traders in the United States may shift their investment strategies to the recently approved spot Bitcoin ETF, leading to significant outflows from European Bitcoin ETPs. Before the approval of the spot Bitcoin ETF, many U.S. institutions used European ETPs for basic trading with almost zero risk. However, as U.S. spot Bitcoin ETF products are approved, these institutions may find it more cost-effective or convenient to execute the same underlying trades in the United States.