After a brief halt to continuous outflows, US spot Bitcoin ETFs have resumed net outflows. On June 5th, these products saw a net outflow of approximately $326 million, with BlackRock's IBIT experiencing the largest outflow of $214 million. During the same period, Bitcoin briefly fell to approximately $59,100 before recovering to above $61,000.
On June 5th, a single-day outflow of $326 million occurred.
According to SoSoValue data, the US spot Bitcoin ETF saw a net outflow of $325.69 million on the day, reversing the slight net inflow of only $3.05 million the previous day. The capital outflow coincided with the decline in Bitcoin prices, indicating a significant weakening of market risk appetite.
Looking at individual products, IBIT saw the largest single-day outflow of $213.7 million among all ETFs. The report noted that US spot Bitcoin ETFs experienced a cumulative net outflow of approximately $2.43 billion in May, and another $1.4 billion in the first three trading days of June, indicating that institutional demand for funds has not yet stabilized.
Positions remain below previous highs
According to on-chain data platform CheckonChain, US spot Bitcoin ETFs currently hold approximately 1.277 million BTC. While this figure is still slightly higher than in February of this year, it is about 7.2% lower than the peak reached in October, indicating that the Bitcoin sold through redemptions has not yet been fully recovered.
In its latest report, Citigroup stated that the market may be underestimating the impact of ETF demand on Bitcoin prices. The bank believes that the recent price weakness is not primarily due to the sale of small amounts of Bitcoin by individual companies, but rather to persistent ETF outflows, which are a more significant source of pressure.
Hawkish interest rate expectations weigh on risk assets
In addition to ETF redemptions, the macroeconomic environment is also exerting pressure. Stronger-than-expected US employment data released this week led the market to lower its bets on a Federal Reserve rate cut, putting pressure on risk assets such as digital assets.
BNP Paribas also revised its previous assessment of monetary policy, now predicting that the Federal Reserve will raise interest rates three times starting in December. The report suggests that this more hawkish interest rate expectation further dampened market sentiment and pushed Bitcoin below the $60,000 mark.
$60,000 remains the short-term focus.
Analysts generally consider $60,000 a key level. If this area holds, the market may see a technical rebound; if it continues to fall, it may test $55,000, or even around $50,000.
CoinGlass's liquidation heatmap shows a significant concentration of leveraged positions in the $67,000 to $75,000 range. This area could become a point of increased volatility should Bitcoin rebound. Other analysis suggests that, based on MVRV pricing ranges, approximately $53,900 and $43,100 are historically significant price zones that have attracted considerable attention during major pullbacks.
