Bitcoin broke the critical psychological support of $60,000 again during trading hours today, briefly falling to $59,023 — its lowest point since October 2024 and a fresh 20-month low. As of press time, BTC has recovered slightly to around $60,600, with the 24-hour loss narrowing to about 3% and a seven-day cumulative decline of 9%. This is the third time Bitcoin has fallen below $60,000 this year, but unlike previous episodes, this decline occurs against a backdrop of sustained institutional capital outflows and a sharp shift in macroeconomic policy expectations, dealing a systemic blow to market confidence.
ETF Records Longest Net Outflow Streak, $5.94B Lost in 30 Days
US spot Bitcoin ETFs have been the primary driver of this sell-off. Since mid-May, ETFs have recorded net outflows for six consecutive weeks, with total outflows of approximately $5.94 billion over the past 30 days — the largest institutional withdrawal wave since the products launched in January 2024. BlackRock's IBIT alone saw a single-day net outflow of $528 million on May 28, setting a new record. The total assets under management of Bitcoin ETFs have shrunk from roughly $113 billion at the start of the year to about $77.5 billion, a decline of over 30%. According to The Block, ETFs still posted a net outflow of around $113.8 million on June 23, indicating the institutional selling has not yet reversed meaningfully. The cycle of ETF net outflows exacerbates selling pressure: when institutions redeem shares, authorized participants must sell the corresponding Bitcoin directly in the secondary market, creating persistent spot supply. CoinShares described the current situation as an "emotional shock," suggesting it is not a structural breakdown of crypto fundamentals.
Macro Policy Reversal: Rate Hike Risks Weigh on Market
The macro environment is also exerting significant pressure. US job openings surged to 7.62 million in April, far exceeding expectations and the highest in nearly two years, directly pushing the 10-year Treasury yield back above 4.45%. Cleveland Fed President Beth Hammack subsequently stated publicly that if inflation remains high, the Fed may need to restart rate hikes. CME FedWatch data shows the market's implied probability of a rate hike by year-end has risen to over 50%. The strong bull market of 2025 was built on liquidity expectations of Fed rate cuts; now that rate cut expectations have reversed and real interest rates are rising, institutional capital tends to rotate into low-risk assets like bonds and cash, and Bitcoin, as a high-risk asset, is the first to suffer.
In the near term, market attention will focus on upcoming US inflation data and the Fed's next policy signals. If CPI comes in below expectations, it could provide a breathing window for Bitcoin; if inflation stickiness is confirmed again, downward pressure will continue to accumulate. Until panic subsides and ETF flows show a clear inflection point, whether Bitcoin can defend the $60,000 level may determine the next direction of this bearish phase.
