Bitcoin near $60,000 as ETF outflows accelerate

Bitcoin has returned to about $60,000, but spot bitcoin ETF investors are now selling heavily into the dip, a sharp reversal from February. The 11 U.S.-listed spot bitcoin ETFs recorded $1.72 billion in net outflows last week — the largest weekly redemption in over a year, per SoSoValue.

That far exceeds the $318 million outflow when prices last neared $60,000 in early February. Outflows have accelerated for four straight weeks, rising from $1 billion in the week ended May 15 to $1.26 billion and $1.42 billion in the following two weeks, and most recently to $1.72 billion.

In February, by contrast, selling slowed as prices fell and buyers re-emerged. The pattern points to a more bearish institutional stance and suggests bulls may have a tough time holding $60,000; bitcoin was trading near $62,000 as of writing.

United States

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