Bitcoin Steadies Near $62K as Metaplanet Eyes Buyback, ETF Outflows Hit $2.97B

Bitcoin News

Bitcoin slipped below the $60,000 mark before steadying in a $62,000 to $63,000 band, as broad selling pressure gripped the digital asset market. Technical readings flagged oversold conditions across several large-cap altcoins including Shiba Inu, XRP and Dogecoin, yet the dominant trend stayed firmly to the downside. XRP's loss of its $1.28 to $1.30 support accelerated selling and dragged the token toward $1.10 before it attempted to base near $1.15. Across the board, the picture pointed less toward a fresh rally and more toward a search for a floor after a sharp decline.

Metaplanet, Asia's largest corporate Bitcoin holder, returned to the spotlight after chief executive Simon Gerovich signaled the firm could pursue share buybacks to lift shareholder returns. Gerovich said the option becomes more compelling when the company's mNAV ratio slips below 1.0, a threshold it has now breached, with the metric easing to roughly 0.92 over the past day. The company's official tracker shows it holds 40,177 BTC, worth about $2.54 billion. Gerovich cautioned that any repurchase would follow Japan's strict insider-trading and disclosure rules, meaning the timing cannot be telegraphed in advance.

Binance founder Changpeng Zhao stepped in to calm nerves as the sell-off deepened, urging market participants not to panic. Addressing those declaring Bitcoin "dead" after the latest leg lower, Zhao argued the asset "will not stay dead for very long" and added a friendly, capitalized plea against panic. His comments landed after Bitcoin shed roughly 3% on the day, trading near $61,700 at the time, pressured by the same risk-off wave that rattled gold and US equities. The remarks followed last Friday's drop, when strong US jobs data revived fears of tighter Federal Reserve policy and weighed on the leading exchange tokens.

Sustained outflows from US spot Bitcoin ETFs remained the defining force behind the slide, with cumulative net redemptions reaching about $2.97 billion through May 30 in what market makers described as the longest outflow streak yet. Bitcoin traded near $61,100 on June 9, down roughly 10% on the week. Market maker Wintermute attributed the pullback to US institutions trimming positions rather than retail panic. On-chain data showed smaller wallets accumulating while addresses holding between 10 and 10,000 BTC reduced exposure over two weeks. Strategy, formerly MicroStrategy, also sold 32 BTC, its first disposal since 2022.

Venture capitalist Tim Draper reiterated his long-running call for Bitcoin to reach $250,000, this time framing a roughly 18-month horizon. Draper argued that fears over quantum computing breaking Bitcoin's cryptography are overstated, contending that quantum systems would compromise traditional banking infrastructure long before touching the blockchain. He said he views his Bitcoin holdings as safer than dollars parked in banks. Should the network face a security event, Draper suggested a hard fork to the last secure block remains possible, though it would require broad consensus among miners and node operators. He first floated the $250,000 target back in 2018.

Bitcoin's bounce from near $59,000 reignited debate over whether a durable bottom has formed. Analysts noted a striking divergence: retail investors continue buying every dip while mid-sized and institutional players treat rallies as selling opportunities, a pattern that runs counter to classic capitulation bottoms where small holders lose hope. One analyst argued genuine capitulation has yet to arrive. Using supply-loss and MVRV metrics, Ali Martinez identified a $53,900 to $43,150 range as a plausible bottoming zone. With ETF outflows recorded on 15 of the last 16 sessions, a sustained recovery may need fund flows to stabilize first.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $61,776 resistance at 80/100, the strongest near-term ceiling, built on the confluence of the prior-day close, the R1 pivot and Fibonacci 0.114, with the next barrier at $64,207 scoring 73/100 via the volume point of control and R2. On the downside, the $59,131 support scores 79/100, anchored by the Fibonacci base, Donchian lower band and swing low. With RSI at 23.51 and a bearish MACD, momentum stays stretched in a downtrend. Derivatives show a modest 0.0034% funding rate, $11.48 billion in open interest and a 2.13 long/short ratio (68% long) — crowded longs into weakness. A Fear & Greed reading of 9 signals Extreme Fear; losing the $57,078 support would invalidate the basing thesis.