Bitcoin is trading back near the $60,000 area, a level last seen in early February, but institutional behavior at this price zone looks very different this time. The 11 U.S.-listed spot bitcoin ETFs posted $1.72 billion in net outflows last week, the largest weekly redemption in more than a year, according to the data cited in the source.
That stands in sharp contrast to the move seen in February. When bitcoin fell to nearly $60,000 during the first week of that month, spot ETFs recorded just $318 million in net outflows. The comparison gets more striking when looking at the weeks before that drop: ETFs had already seen $1.33 billion and $1.49 billion leave in the prior two weeks, meaning redemptions actually slowed as price approached $60,000. Buyers were still stepping in.
Outflows have risen for four straight weeks
The latest sequence points the other way. Over the past four weeks, spot bitcoin ETF outflows have accelerated from $1 billion in the week ended May 15 to $1.26 billion, then $1.42 billion, and most recently $1.72 billion. Price weakness has been met with faster withdrawals, not a visible institutional bid.
That reversal is the central point. In February, bitcoin sold off toward the same broad level and ETF selling eased. Now, as bitcoin drifts back toward that zone, redemptions are increasing week after week. The price may look familiar, but the flow picture does not.
$60,000 support faces a tougher test
The article frames this pattern as a bearish signal for near-term price support. If institutional demand remains absent while outflows keep building, bulls may face a harder fight in defending the $60,000 level. At the time referenced in the source, bitcoin was changing hands near $62,000.