After briefly halting a streak of continuous outflows, U.S. spot Bitcoin ETFs have turned net negative again. On June 5, these products recorded a single-day net outflow of approximately $326 million, with BlackRock’s IBIT leading the outflows at $214 million. During the same period, Bitcoin briefly dropped to around $59,100 before recovering above $61,000.
On June 5, $326 million flowed out in a single day.
SoSoValue data shows that U.S. spot Bitcoin ETFs recorded a net outflow of $325.69 million today, reversing yesterday’s modest net inflow of just $3.05 million. The capital outflow coincided with a decline in Bitcoin’s price, indicating a clear weakening in market risk appetite.
Looking at individual products, IBIT recorded a single-day outflow of $2.137 billion, the highest among all ETFs. The report noted that U.S. spot Bitcoin ETFs累计净流出 approximately $2.43 billion in May, with an additional $1.4 billion流出 in the first three trading days of June, indicating that institutional demand has not yet stabilized.
Positions remain below previous highs.
On-chain data platform CheckonChain shows that U.S. spot Bitcoin ETFs currently hold a combined total of approximately 1.277 million BTC. Although this figure remains slightly higher than levels seen in February this year, it is about 7.2% lower than the peak reached in October, indicating that previously redeemed and sold Bitcoin has not yet been fully replenished.
Citigroup stated in its latest report that the market may have underestimated the impact of ETF demand on Bitcoin's price. The bank believes that recent price weakness is not primarily driven by individual companies selling small amounts of Bitcoin, but rather by sustained outflows from ETFs.
Expectations of higher interest rates are pressuring risk assets.
Beyond ETF redemptions, the macroeconomic environment is also under pressure. Stronger-than-expected U.S. employment data released this week led markets to reduce expectations for Federal Reserve rate cuts, putting pressure on risk assets such as digital assets.
BNP Paribas also revised its previous assessment of monetary policy, now expecting the Federal Reserve to raise interest rates three times starting in December. The report suggests that this more hawkish interest rate outlook further weighed on market sentiment, pushing Bitcoin below the $60,000 mark.
$60,000 remains the short-term focus.
Analysts widely regard $60,000 as a key level. If this area holds, the market may experience a technical rebound; if it continues to break down, support could be tested near $55,000, or even $50,000.
CoinGlass’s liquidation heatmap shows that a significant number of leveraged positions are clustered between $67,000 and $75,000. If Bitcoin rebounds, this range could become a key area for amplified volatility. Additional analysis suggests that, based on MVRV pricing zones, $53,900 and $43,100 are historically significant price levels often observed during major pullbacks.