Bitcoin’s slide deepens as ETF outflows and macro uncertainty squeeze markets
Bitcoin plunged below $60,000 last week — its lowest level since October 2024 — as the bear market tightens its grip on crypto. The sell-off has pushed BTC down more than 18% over the past 14 days, according to CoinMarketCap, and sent prices briefly toward $59,000 before a short-lived rebound that has Bitcoin trading just above $62,000. Despite that bounce, market structure remains bearish and analysts warn that continued pressure could drag BTC toward $50,000.
Spot Bitcoin ETF redemptions are a central driver of the current weakness. Data compiled by SoSoValue shows U.S. spot Bitcoin ETFs recorded more than $4.37 billion in outflows between May 15 and June 3, 2026 — and on June 3 marked their 13th straight day of net withdrawals, the longest streak in the products’ history. The streak briefly ended on June 5 with a tiny $3.05 million net inflow, but the relief was short-lived: flows reversed again the next day with a sizable $325.69 million outflow.
BlackRock’s IBIT has shouldered the bulk of the redemptions, accounting for roughly $3.3 billion — about 75% of the $4.37 billion total — over that period. Fidelity’s Wise Origin followed with about $456 million in outflows, while Grayscale’s GBTC recorded roughly $303 million. Grayscale’s product has faced continued asset pressure since its trust conversion, in part due to its higher 1.5% fee, but this latest wave of selling was dominated by BlackRock’s ETF because of its market share.
Beyond ETF flows, ongoing geopolitical tensions and broader risk-off sentiment have heightened investor caution, leaving traders uncertain about Bitcoin’s next directional move. If these factors don’t abate, analysts warn the downside could be deeper — with $50,000 cited as a potential next support test.
Bottom line: ETF withdrawals and macro uncertainty are compounding bearish momentum for Bitcoin. Traders should watch ETF flow data and macro headlines closely for signs the market has stabilized or is set for another leg down.
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