Bitcoin Hovers Near $60,000 as Institutional ETF Outflows Hit Year-High

Bitcoin (BTC) is once again trading around the $60,000 level, a zone last seen in early February. This time, institutional behavior looks markedly different. ETF flow data show investors are selling into the decline, unlike February when selling pressure eased as BTC slid toward $60,000. The 11 U.S.-listed spot bitcoin ETFs recorded net outflows of $1.72 billion last week, the biggest single-week redemption in more than a year, according to SoSoValue. During the first week of February—when BTC fell to nearly $60,000—those ETFs saw just $318 million in net outflows. Redemptions have also been building for four straight weeks, climbing from $1.0 billion in the week ended May 15 to $1.26 billion, then $1.26 billion and $1.42 billion, before reaching $1.72 billion most recently. In February, the sequence ran in reverse: the two weeks before BTC revisited $60,000 saw $1.33 billion and $1.49 billion leave, then outflows slowed to $318 million as price fell—suggesting buyers stepped in. Now, outflows are accelerating as bitcoin weakens, pointing to fading institutional demand and raising doubts about the market's ability to defend the $60,000 support. At the time of writing, BTC was trading near $62,000.