U.S. Spot Bitcoin ETFs Shed $1.72 Billion as Bitcoin Slides Below $60,000
Updated
Updated · CoinDesk · Jun 7
U.S. Spot Bitcoin ETFs Shed $1.72 Billion as Bitcoin Slides Below $60,000
2 articles · Updated · CoinDesk · Jun 7
Summary
$1.72 billion left U.S.-listed spot bitcoin ETFs last week, the biggest weekly redemption in more than a year as bitcoin returned to roughly $60,000.
NYDIG said the selloff reflects overlapping pressures rather than one trigger: money rotating into AI, cash raised for expected tech IPOs, renewed quantum-security worries, U.S. seizure claims tied to $1 billion of Iranian-linked crypto, and Strategy's 32-BTC sale.
On-chain signals suggest a possible bottom is nearing, with bitcoin's MVRV ratio at 1.2 and the share of supply in profit slipping below 50%—levels often linked to capitulation.
The decline still looks mild by past standards: bitcoin is down about 53% from its $126,000 October peak, versus 75%-90% drawdowns in earlier bear markets, and only 242 days have passed since the high.
That leaves the market split between two readings: institutional adoption may be softening bitcoin's cycle, or the latest ETF outflows may signal a deeper reset is still ahead.
As capital flees to AI stocks, is Bitcoin's reign as the ultimate tech bet coming to an end?
After the US government's historic $9 billion crypto seizure, can Bitcoin still be considered a seizure-resistant asset?
Record $4 Billion Outflows from U.S. Bitcoin ETFs in June 2026 Drive Crypto Market Downturn
Overview
In early June 2026, the cryptocurrency market faced a sharp downturn as U.S. spot Bitcoin ETFs saw their largest weekly outflows since launch, with investors pulling out about $3.4 billion in just one week. This sudden reversal ended a six-week streak of inflows and pushed market sentiment into negative territory. The heavy ETF outflows acted as powerful selling pressure, leading to a significant drop in Bitcoin’s price and triggering further liquidations. This chain of events marked a clear shift in market dynamics, highlighting how institutional flows can quickly change the direction and mood of the crypto market.