U.S. spot Bitcoin ETFs moved back into net outflows on June 5, erasing the small pause seen a day earlier. SoSoValue data showed $325.69 million in net withdrawals, compared with a modest $3.05 million net inflow the previous session. Cumulative net inflows for the category fell to $53.94 billion.
BlackRock's IBIT lost $213.65 million, the largest outflow among the funds. Fidelity's FBTC and Grayscale's GBTC followed with $59.69 million and $60.84 million in withdrawals. Only VanEck's HODL and Morgan Stanley's MSBT posted inflows, adding a combined $8.5 million.
ETF selling keeps pressure on institutional demand
The latest redemptions extended a broader trend. The report noted that spot Bitcoin ETFs posted $2.43 billion in net outflows during May, followed by another $1.40 billion in the first three days of June. That flow pattern has kept attention on weakening institutional demand.
Holdings data points the same way. CheckonChain said U.S. spot Bitcoin ETFs currently hold about 1.277 million BTC. That is still slightly above February levels, but roughly 7.2% below the record high reached in October, showing that recent selling has not yet been fully reversed.
Bitcoin drops under $60,000 as macro expectations turn tighter
The ETF outflows came alongside a sharp move in Bitcoin. According to crypto.news data, BTC fell to an intraday low near $59,100 before climbing back above $61,000. At the time of writing, it was trading around $61,300. The report described that level as Bitcoin's lowest since October 2024, with more than $15,000 erased from recent highs.
Citigroup said in a recent note that the market may be underestimating how much ETF demand matters for Bitcoin's price. The bank also argued that the recent decline was not mainly driven by Strategy's sale of 32 BTC for preferred stock distributions, and that persistent ETF outflows have had a much larger effect on price weakness.
Macro conditions added to the move. Stronger-than-expected U.S. labor market data reduced expectations for Federal Reserve rate cuts. BNP Paribas also dropped its previous call for stable policy and projected three Fed rate hikes starting in December, reversing the direction of the three rate cuts delivered in 2025.
$60,000 remains the level traders are watching
On the technical side, the report said Bitcoin is nearing an important decision point. On the daily chart, BTC briefly moved below the Murrey Math support zone near $60,000 and then recovered. The daily RSI has entered oversold territory, while MACD continues to trend lower, showing strong bearish momentum and, at the same time, a rising chance of a relief bounce.
Analyst Kamile Uray said buyers need to defend the current area to avoid a deeper slide. She placed the first resistance near $67,500, followed by a broader resistance zone between $74,000 and $75,000. If Bitcoin fails to hold $60,000, she said the price could fall toward the $55,000 to $50,000 range.
Derivatives data also suggests volatility could remain elevated. CoinGlass liquidation heatmap data showed large concentrations of leveraged positions between $67,000 and $75,000. If Bitcoin rebounds, those levels could become liquidation targets. On the downside, analyst Ali Martinez said Bitcoin's 1.0 and 0.8 MVRV pricing bands are currently near $53,900 and $43,130, levels he described as historically attractive risk-reward zones during major corrections.