Bitcoin Steadies Near $61K as ETF Outflows Top $2.97B, Strategy Sells BTC

Bitcoin News

Bitcoin slid beneath the $60,000 threshold before steadying in a $62,000 to $63,000 band, trading near $61,100 on June 9 after a brutal week that erased roughly 10% of its value. Heightened geopolitical risk compounded the pressure, with fresh US military strikes near the Strait of Hormuz pushing investors toward gold and away from speculative assets. The flagship cryptocurrency now sits more than 50% below its October 2025 peak above $126,000. Traders are increasingly watching liquidity conditions and capital flows rather than clean chart levels to gauge where a durable floor might finally form.

Sustained institutional selling has become the dominant force in price discovery. US spot Bitcoin ETF products recorded their longest run of redemptions on record, with cumulative net outflows reaching roughly $2.97 billion through May 30. Market makers attribute the drawdown less to retail panic and more to American institutions trimming exposure, noting that the absence of fresh inflows has left direction largely dictated by capital movements. Because Bitcoin never built a robust support shelf between $50,000 and $59,000 during the 2024 rally, desks warn there is limited structural cushion beneath current prices if redemptions continue.

Adding to the cautious tone, Strategy — the software firm formerly known as MicroStrategy and the largest corporate Bitcoin holder — sold 32 BTC, its first disposal since 2022. The company downplayed the transaction as immaterial, but its timing during an extended outflow stretch drew outsized attention from a market hunting for signals. The firm's investor-relations disclosure framed the move as routine treasury management rather than a shift in conviction. Even so, any selling from a balance sheet long synonymous with relentless accumulation reverberates through sentiment, reinforcing fears that even the most committed corporate buyers are reassessing positioning amid the downturn.

On-chain data paints a divided market. Wallets holding between 10 and 10,000 BTC reduced their balances over the past two weeks, while smaller addresses stepped in to accumulate, a divergence that often accompanies capitulation phases. Binance founder Changpeng Zhao urged calm, telling investors not to panic and arguing that Bitcoin will not stay subdued for long. His message arrived as derivatives markets showed elevated sensitivity and forced liquidations amplified each downward move. The split between large-holder distribution and retail accumulation leaves the near-term path unusually dependent on which cohort blinks first as volatility stays elevated.

Macro forces tightened the screws further. US nonfarm payrolls rose 172,000 in May, far above the roughly 80,000 economists had penciled in, while April's figure was revised up to 179,000. The robust labor print lifted bond yields and dimmed expectations that the Federal Reserve will cut rates in the near term, draining liquidity from risk assets. Compounding the strain, fresh US strikes against Iran shattered a fragile ceasefire, triggering a risk-off rotation across exchange desks. The combination of hawkish rate repricing and geopolitical shock left little room for speculative bids to stabilize the tape.

The weakness rippled across major altcoins, where oversold conditions multiplied. Altcoin XRP broke down from a descending triangle and lost the $1.28 to $1.30 support, sliding rapidly toward $1.10 as stop-losses and liquidations cascaded before steadying between $1.15 and $1.18. Shiba Inu fell to around $0.0000045 after its rising channel cracked, while Dogecoin slipped to roughly $0.085. Relative-strength readings on all three dropped into deeply oversold territory, hinting at scope for short-lived relief bounces. Yet with prices trapped beneath their 50-, 100- and 200-day moving averages, the broader bear market structure remains intact.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $59,131 support at 77/100 — its strongest reading — anchored by the confluence of the Fibonacci 0.000 retracement, the Donchian lower band and a key swing low, while the $61,126 shelf scores 70/100 on pivot-point and prior-day-close alignment. To the upside, the $61,806 resistance registers 72/100, driven by a doji cluster and a MACD cross. Derivatives data shows a barely positive 0.0039% funding rate, $11.46 billion in open interest and a long/short ratio of 2.12, signaling crowded longs vulnerable to squeezes. With RSI at 24.4 and the Fear & Greed Index at 9 (Extreme Fear), a daily close below $59,131 would invalidate the bounce thesis and open the $52,679 region.