Bitcoin repeatedly attempted but failed to break through the $60,000 level. The main reasons include a record net outflow of approximately $4.5 billion from US spot Bitcoin ETFs in June, coupled with the expiration of Deribit's tens of billions of dollars worth of options, creating congestion around the $60,000 mark. Meanwhile, the Fed's hawkish stance and resilient employment data dampen rate cut expectations, reducing the appeal of risk assets. Funds are diverted to AI and semiconductor sectors, leaving Bitcoin without sustained upward momentum.
Record ETF Outflows and Option Expiration Create Dual Pressure
Bitcoin has repeatedly attempted but failed to break the $60,000 resistance level in recent weeks. Two major factors are at play: first, US spot Bitcoin ETFs recorded a historic net outflow of approximately $4.5 billion in June, signaling a significant retreat of institutional capital; second, the expiration of tens of billions of dollars in options on Deribit has led to extreme congestion around the $60,000 strike price, intensifying the tug-of-war between bulls and bears and further limiting upward breakout potential.
Macro Environment and Capital Diversion Weigh on Bitcoin
At the same time, the Federal Reserve maintains a hawkish stance, and resilient US employment data continue to suppress market expectations for rate cuts. This reduces the attractiveness of risk assets like Bitcoin, while capital flows rotate toward AI and semiconductor sectors. Under these combined pressures, Bitcoin lacks sustained upward momentum and faces significant difficulty in effectively holding above $60,000 in the near term.
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