Bitcoin Slides Under $77,000 as U.S. Spot ETFs See $649 Million in One-Day Outflows
Bitcoin extended this week's selloff, sliding from nearly $82,000 last week to about $76,900, according to CoinMarketCap. Broader crypto sentiment has weakened as U.S. spot Bitcoin ETF flows flipped from inflows to sizable redemptions, against a backdrop of mounting macro risks.
Outflows from the ETF complex accelerated sharply on Monday, when U.S. spot Bitcoin ETFs posted net withdrawals of $648.6 million—the largest single-day net outflow since Jan. 29. BlackRock's IBIT recorded $448.3 million in outflows, Ark and 21Shares' ARKB saw $109.6 million leave, and Fidelity's FBTC reported $634 million in outflows.
Last week, U.S. spot Bitcoin ETFs logged roughly $1 billion in cumulative net outflows, snapping six straight weeks of net inflows. Since May 16, total withdrawals from these products have neared $1 billion, signaling a clear cooling in institutional appetite.
Derivatives data points to long-heavy capitulation. During Monday's downturn, liquidations across the crypto market totaled nearly $657 million in 24 hours, with about $584 million tied to long positions—around 89% of the total.
Bitcoin opened Monday near $77,500 and continued lower. Since last Friday, total cryptocurrency market capitalization has shed more than $100 billion, falling to about $2.65 trillion.
On-chain demand has yet to show a convincing revival. The report cites analysis indicating that while a recent bounce briefly pushed Bitcoin close to $82,000, on-chain capital inflows remain weaker than in the stronger phases of the prior bull market. A measure of monthly on-chain capital flows puts the current 30-day net position change at roughly $2.8 billion per month, still below levels seen during historically stronger uptrends. Bitfinex analysts said the rebound has not been backed by sufficient new capital; with rates still elevated, the market becomes more susceptible to external shocks without sustained inflows.
Geopolitical risk is also weighing on risk appetite. Ongoing tensions between Iran and the United States have raised concerns about regional spillover, adding to worries over energy transport disruptions and renewed global inflation pressures.
