Bitcoin Near $61K as ETF Outflows Top $5B, Metaplanet Weighs Buyback, Draper Repeats $250K Call

Bitcoin News

US spot Bitcoin ETF products have bled more than $5 billion over the past four weeks, with combined net assets across the 11 funds falling to $77.58 billion on June 9. That level rewinds the complex to where it stood shortly after the November 2024 US election, erasing the bulk of a post-vote rally that once carried total holdings above $90 billion and peaked at $169.54 billion in October 2025. Cumulative net inflows since launch have slipped from a $62.77 billion high to roughly $53.77 billion, the weakest reading since last August, as macro pressure overrides an otherwise friendlier regulatory backdrop.

Metaplanet, Asia's largest corporate Bitcoin holder, returned to focus after CEO Simon Gerovich said share buybacks become a stronger option whenever the firm's market-NAV (mNAV) ratio slips below 1.0. The company's investor-relations disclosure puts its treasury at 40,177 BTC, worth about $2.54 billion, against an enterprise value near $2.35 billion — pinning mNAV around 0.92, with the metric touching 0.90 in the prior 24 hours. Gerovich stressed Bitcoin Yield remains the key performance gauge, but cautioned that any repurchase would follow Japan's strict insider-trading and disclosure rules, so timing cannot be pre-announced.

Binance founder Changpeng Zhao moved to cool sentiment as Bitcoin slid roughly 3% and dragged gold and US equities lower alongside it. Addressing traders who had again declared the asset finished, Zhao argued Bitcoin would not stay down for long and urged the market, in his words and capital letters, not to panic. The intervention landed during one of the sharpest risk-off stretches in months, after last Friday's stronger-than-expected US jobs report revived fears the Federal Reserve will hold rates higher for longer and squeezed appetite across speculative assets.

Venture investor Tim Draper used the drawdown to restate his long-standing $250,000 price target, now framed as an 18-month horizon. Draper argued that the quantum-computing threat is overstated for Bitcoin and would more likely strike traditional banking infrastructure first, leaving his coin holdings safer than dollars parked at lenders. He noted that any network-level break could be answered with a hard fork back to the last secure block, provided miners and node operators reach broad consensus. Draper, who bought roughly 30,000 BTC at a 2014 US Marshals auction near $632 each, has previously slipped the same $250,000 forecast from 2022 to 2025.

Market maker Wintermute tied the decline to US institutions trimming exposure rather than retail capitulation, noting spot Bitcoin ETFs logged their longest outflow streak yet, totaling about $2.97 billion in net redemptions through May 30. With fresh inflows absent, the firm said price direction is now governed largely by capital flows and thin liquidity, since the 2024 advance never built firm support between $50,000 and $59,000. Reinforcing the de-risking narrative, Strategy — the software firm formerly known as MicroStrategy — sold 32 BTC, its first disposal since 2022, a move it downplayed but that still drew scrutiny.

On-chain analytics offered a counterpoint, flagging that Bitcoin and four other major altcoin assets have entered historically significant accumulation territory based on the 30-day MVRV metric. The reading placed Bitcoin around -10% in what was described as a fair-value buy zone, with Cardano near -18% in a stronger zone, Ethereum at -12%, Chainlink at -9% and XRP at -8%. Negative MVRV implies nearly all of the past month's buyers are underwater, a condition that has historically preceded short-term recoveries — though analysts cautioned the signal carries no guarantee of immediate gains and should not be overstated.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $61,776 resistance at 80/100, driven by the confluence of the prior-day close, the R1 pivot and Fibonacci 0.114, while the $59,131 support scores 79/100 on Donchian Lower and Swing Low inputs; a stronger floor sits at $57,078 (70/100). With spot near $61,328 after a 3.12% slide, RSI at 23.51 and a bearish MACD confirm a deep oversold bear-market posture. Derivatives data shows a barely-positive 0.0013% funding rate, $11.52 billion in open interest and a crowded 2.14 long/short ratio (68.2% long), while a Fear & Greed reading of 9 signals Extreme Fear. Reclaiming $61,776 opens the $64,207 zone; losing $59,131 invalidates the bounce and exposes $57,078.