Bitcoin Fails to Build on Weekend Bounce as Spot ETFs Log $2.97B of Outflows
Bitcoin started June on the back foot, unable to extend its weekend rebound. After hovering near $74,000, BTC slipped back below $73,000 and hit an intraday low around $72,500, putting focus on short-term support near $72,000.
The market's concern is the lack of follow-through. Bitcoin has posted losses in six of the past seven days even as U.S. equity futures moved higher, making crypto's weakness look more idiosyncratic than a broad risk-asset pullback.
From midnight UTC, the benchmark crypto market index fell 2%, while Bitcoin and Ether each declined about 1%. Bitcoin's 3.5% drop in May also stood out against the month's historical average gain of 7.4%.
ETF flows continue to set the tone. Spot Bitcoin ETFs recorded net outflows for a record 10 consecutive sessions, totaling $2.97 billion, limiting the market's ability to sustain a recovery without renewed institutional demand.
Derivatives data told a more resilient story. BTC open interest held near $19.5 billion, roughly unchanged from a week ago. Funding rates stayed positive across major venues, running from 0% to 10% annualized. The three-month basis climbed to 2.8% from 2.2%, and call activity outpaced puts 61% to 39% over the past 24 hours. Positioning has not fully capitulated despite $282 million in liquidations, with a key liquidation level near $72,280 still uncomfortably close.
Altcoin performance was mixed. Humanity surged about 81%, LAB rose more than 52%, and Worldcoin gained 13% to around $0.38. HYPE extended a five-day rally to a record $73.94. Stellar advanced after DTCC selected its network for a tokenized securities rollout planned for the first half of 2027.
The broader market remained cautious. Morph, Algorand and Bitcoin Cash fell 6% to 8%. Total crypto market capitalization hovered near $2.55 trillion, while Bitcoin dominance stayed above 57%, signaling a defensive bias as traders watch whether BTC can hold $72,000 or triggers another round of deleveraging before risk appetite returns across major pairs and higher-beta tokens later this week.
