Bitcoin Nears $60,000 as Record ETF Outflows Deepen Worst Week

Bitcoin (BTC) fell to $61,800 on June 5, putting the leading cryptocurrency on track for a weekly decline of roughly 15%. That would mark its steepest seven-day drop since the FTX collapse in November 2022.

Spot ETF outflows have hit record levels, institutional selling has accelerated, and $1.5 billion in leveraged positions were liquidated in the 24 hours through Thursday.

Bitcoin ETF Outflows Reach Critical Levels

The $60,000 price level has drawn intense attention from traders and analysts as Bitcoin approaches it from above. A CoinDesk report published June 5 outlines scenarios traders are modeling if that threshold breaks, including cascading stop-loss orders and a potential flush toward the mid-$50,000 range.

Bitcoin trades near rank one by market capitalization, with a total market cap of approximately $1.25 trillion.

Spot bitcoin ETF outflows are the proximate trigger. Institutional investors have pulled capital from U.S.-listed bitcoin ETF products at a pace not seen since the products launched in January 2024.

Perpetual futures, derivatives contracts with no expiration date that traders use to take leveraged long or short positions, saw a wave of forced liquidations as bitcoin broke below $62,000 on Thursday. Total cryptocurrency market capitalization fell to $2.17 trillion, its lowest level in several months.

Also Read: Bitcoin Treasury Firms Lose $62 Billion in Market Value

Background: A Brutal June After a Turbulent May

Bitcoin’s June 5 slide builds on a deterioration that began in late May.

The Broadcom earnings miss on June 3 triggered a broad tech and risk-asset selloff, pulling crypto markets sharply lower alongside Nasdaq futures. Cardano (ADA) fell 16% in the 24 hours through June 5, while Hyperliquid (HYPE) dropped 14% in the same session. Bitcoin options worth a combined $1.89 billion alongside Ethereum (ETH) contracts expired on June 5 as both assets traded near multi-month lows, adding mechanical selling pressure at a fragile moment.

The broader context includes geopolitical tension in the Middle East, with ships in the Persian Gulf navigating Strait of Hormuz restrictions, which has kept risk appetite suppressed across global markets.

Also Read: Cardano Craters 16% as Broadcom AI Miss Triggers Broad Crypto Selloff

What Traders Are Watching

The $60,000 zone carries psychological and technical weight. It represented a major breakout level during the 2024 bull run and has been cited repeatedly in options market positioning.

A clean break below it could trigger another leg of forced selling from leveraged long positions that remain open. On the upside, traders will watch for any stabilization in ETF flow data, with a rebound in net inflows potentially acting as the clearest signal that institutional demand has returned.

The May U.S. jobs report, due Friday, June 5, may also shift the macro narrative if payrolls data surprises in either direction, affecting Federal Reserve rate expectations and broad risk appetite.

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