Bitcoin Near $61K as Wall Street Buys the Dip, Whales Keep Selling, NBA Push Grows

Bitcoin News

Traditional finance is abandoning its caution toward digital assets, with banks, brokerages, and exchanges racing to roll out crypto products as demand intensifies through 2026. Kraken co-CEO David Ripley argues that nearly every major financial services firm will soon offer Bitcoin and ethereum to clients, calling the shift one of the defining stories of the year. He sees stablecoins paving the way for tokenized public equities, with Kraken preparing to sell tokenized IPO shares to retail investors. The convergence of tokenization, around-the-clock trading, and institutional appetite is reshaping markets faster than many anticipated, even as spot prices remain under heavy pressure this week.

With Bitcoin hovering near $61,100 after sliding roughly 10% on the week, Binance founder Changpeng Zhao urged holders to stay calm, framing the drawdown as temporary rather than terminal. His message landed during the longest spot ETF outflow streak on record, with BTC down more than 50% from its October 2025 peak above $126,000. Analysts caution that a confirmed bottom remains elusive, noting capital inflows have yet to return. The asset spent little time in the $50,000-$59,000 band during its 2024 ascent, leaving few established technical levels and making order flow the dominant force setting near-term direction.

Beyond price action, Bitcoin is deepening its cultural footprint in professional sports. A new documentary, Bitcoin Season, directed by Mike Nicoll, follows exchange Swan Bitcoin as it pursues Bitcoin-only partnerships across the NBA, centering on a landmark deal with the Cleveland Cavaliers and a separate agreement with agency Klutch Sports Group. The film positions Bitcoin as a tool of athlete empowerment rather than a mere financial product, featuring commentary from Michael Saylor, Lyn Alden, Adam Back, and former guard Matthew Dellavedova. It premiered June 3 in San Clemente, California, with a sneak peek planned for the NBA Summer League in Las Vegas on July 18.

The selling pressure has been concentrated among large holders. Trading desks attribute the slide primarily to US institutions unwinding positions built only weeks earlier, alongside relentless ETF redemptions that approached $2.97 billion through late May across nine consecutive days of outflows. On-chain data shows a widening divide, with retail buyers absorbing dips while whale wallets keep cutting exposure. MicroStrategy added to the unease by selling 32 BTC, its first disposal since 2022, a move the firm dismissed as immaterial in size yet one that read as symbolically significant given its long-standing accumulation strategy and influence over treasury-adoption sentiment.

Not every large player is retreating. Coinbase's head of institutional strategy, John D'Agostino, reports that sovereign wealth funds, family offices, and other major investors are actively buying the dip rather than fleeing. Abu Dhabi's Mubadala increased its exposure to BlackRock's spot Bitcoin ETF for a fourth consecutive quarter, while Bitcoin ETFs collectively still hold roughly $100 billion in assets despite the downturn. The persistence of these allocations suggests deep-pocketed institutions view the correction as an entry point, a divergence from the panic-driven narrative and a sign that long-horizon conviction remains intact beneath the surface volatility.

Macro conditions amplified the pullback. The US economy added 172,000 jobs in May, more than double expectations, with April revised higher to 179,000. That strength weakened the near-term case for Federal Reserve rate cuts and lifted yields, a backdrop some traders read as a trigger for institutional de-risking. Meanwhile, the broader tokenization wave continues to gather momentum, with Nasdaq pushing into extended-hours trading to align with crypto markets that never close. A historic IPO pipeline, including SpaceX's targeted Nasdaq debut seeking about $75 billion, underscores how legacy finance and digital assets are increasingly converging on a single, always-on financial architecture.

Technically, Bitcoin trades around $61,692, down 2.9% on the day and pinned just below first resistance at $61,914. The RSI near 24 sits firmly in oversold territory, hinting at potential exhaustion, yet the MACD remains bearish and the broader trend points lower. Immediate support rests at $61,056, with deeper cushions at $59,157 and $52,679 should sellers regain control. A reclaim of $61,914 followed by $64,202 would signal relief, while a daily close beneath $59,157 risks accelerating toward the $52,000 zone. Bulls need flow to turn positive; until inflows resume, oversold readings alone are unlikely to mark a durable floor.