Bitcoin hovers near $60,000 as U.S. spot ETFs shed $1.72 billion, biggest weekly outflow in over a year

Bitcoin has moved back toward the $60,000 level, but institutional behavior looks notably different from February. CoinDesk, citing SoSoValue, said the 11 U.S.-listed spot Bitcoin ETFs posted a combined net outflow of $1.72 billion last week, the largest weekly redemption total in more than a year. The latest figures suggest investors kept pulling money as prices retreated. The pace of withdrawals has built over several weeks: about $1 billion for the week ending May 15, followed by $1.26 billion the next week, then $1.42 billion, and most recently $1.72 billion. The pattern points to limited dip-buying support from ETF holders and an acceleration in redemptions during the slide. That contrasts with the early-February pullback. When Bitcoin also dipped toward $60,000, weekly net ETF outflows totaled just $318 million. In the two preceding weeks, outflows were much larger—$1.33 billion and $1.49 billion—before easing as the price neared $60,000, suggesting selling pressure was not intensifying and demand remained. This time, the opposite dynamic is in place: redemptions have continued to climb as Bitcoin falls, signaling greater caution among institutional investors at these levels than seen in February. As of press time, Bitcoin was trading around $62,000, holding above the $60,000 psychological mark. Continued heavy ETF outflows could put additional strain on support around $60,000.