Bitcoin Slides Toward $61K as ETF Outflows Top $5B and US Strikes on Iran Rattle Markets

Bitcoin News

Spot Bitcoin ETF products listed in the United States have shed more than $5 billion over the past four weeks, marking one of the steepest sustained withdrawal streaks since launch. Combined net assets across the eleven funds fell to $77.58 billion on June 9, a level last seen immediately after the November 2024 election. That decline erases nearly all of the post-election rally that had once pushed holdings above $169 billion in October 2025. Cumulative net inflows since inception have slipped to roughly $53.77 billion, down about $9 billion from their peak and the weakest reading since last August.

Bitcoin briefly broke beneath $60,000 before stabilizing in a $62,000 to $63,000 band, as traders searched for a floor rather than a fresh leg higher. The selloff spread across the altcoin market, where XRP, Shiba Inu and Dogecoin all flashed oversold readings. XRP proved most fragile, losing the $1.28 to $1.30 support shelf and sliding toward $1.10 as stop orders and liquidations cascaded. It is now attempting to base between $1.15 and $1.18. Analysts caution that with major moving averages still overhead, these bounces look like relief within a downtrend rather than a confirmed reversal.

Bitcoin traded near $61,100 on June 9, leaving it down roughly 10% on the week as relentless fund redemptions set the tone. Market-maker data attributes the decline less to retail panic and more to US institutions trimming exposure, with spot ETF net outflows reaching about $2.97 billion by the end of May — the longest outflow run on record. With fresh inflows absent, price direction has become tightly coupled to capital flows. Bitcoin remains more than 50% below its all-time high above $126,000 set in October 2025, and desks are watching liquidity conditions and ETF activity more closely than conventional chart levels.

On-chain data shows a divergence between cohorts: smaller wallets have been accumulating through the dip, while addresses holding 10 to 10,000 BTC have reduced positions over the past two weeks. Adding to the unease, Strategy — the software firm formerly known as MicroStrategy — sold 32 BTC, its first disposal since 2022. The company framed the amount as immaterial, yet the timing during an outflow-heavy stretch drew attention. Binance founder Changpeng Zhao urged calm, telling investors not to panic and arguing that Bitcoin will not stay subdued for long despite the prevailing bear-market sentiment.

Macroeconomic data deepened the pressure. US nonfarm payrolls rose 172,000 in May, far above the roughly 80,000 expected, and April was revised up to 179,000. The strong labor print lifted Treasury yields, with the 10-year climbing toward 4.54%, and dimmed hopes of near-term rate cuts. Strikingly, Bitcoin and gold fell together — gold dropped about 2% below $4,200 an ounce — as a rate-hike wager punished assets that pay no yield. A hot upcoming inflation reading could harden the case for Federal Reserve Chair Kevin Warsh to keep policy restrictive, draining liquidity from risk markets.

Capital rotation and geopolitics compounded the macro drag. Analysts note that artificial-intelligence and other growth narratives have been pulling money away from crypto, and Bitcoin has lately traded as a high-beta extension of the Nasdaq, sliding with chipmakers as the AI trade unwound. South Korea's tech-heavy Kospi tumbled 6.3% on the day. Risk aversion intensified after US forces launched strikes on Iran following the downing of an Apache helicopter over the Strait of Hormuz, breaking a fragile ceasefire. The escalation kept Brent crude bid near $92 a barrel and pushed investors away from speculative assets toward traditional safe havens.

COINOTAG's proprietary 42-indicator composite scoring engine rates immediate resistance at $61,776 a commanding 80/100, driven by the confluence of the previous daily close, the R1 pivot and Fibo 0.114, with the next barrier at $64,207 scoring 73/100 from the Fibo 0.214 and point-of-control cluster. On the downside, $59,131 support carries a 79/100 reading from the Fibo 0.000, Donchian Lower and swing-low confluence, while $57,078 holds 70/100. Derivatives show a near-flat 0.0012% funding rate, $11.5 billion in open interest and a crowded 2.15 long/short ratio — 68% long — leaving longs exposed. With RSI at 23.5, a bearish MACD and a 9/100 Extreme Fear reading, a loss of $59,131 invalidates the basing thesis and opens $52,679, while reclaiming $61,776 is needed to shift momentum.