Bitcoin's price tumbled under $60,000 on Friday, hitting its weakest point since October 2024. The sell-off came as the coin's biggest buyer flipped to a seller, ETF investors piled out, and markets priced in higher interest rates. The drop marks a stark reversal for a token that had spent much of the year consolidating above $65,000.
What drove the move
No single catalyst triggered the rout. Instead, a handful of headwinds converged. The largest known holder of Bitcoin — an entity that had been accumulating for months — started offloading, according to on-chain data. At the same time, spot Bitcoin ETFs saw net outflows for the fifth straight day, pulling over $1 billion out of the funds this week. Traders also pointed to renewed bets on rate hikes from the Federal Reserve, which tend to sink riskier assets like crypto.
ETF exit accelerates
Investors in US-based Bitcoin ETFs have been redeeming shares since late May. The flow turned negative on Monday and hasn't let up. BlackRock's IBIT fund, the biggest by assets, recorded its largest single-day outflow in two months on Wednesday. The selling pressure adds to the supply hitting the market from the Bitcoin miner sell-off and the entity that turned from buyer to seller this week.
What could stop the slide
It's not all doom. Some traders see the $58,000–$60,000 zone as a floor — Bitcoin bounced there three times in the second half of 2024. The question is whether ETF outflows persist and whether the large seller runs out of coins or decides to hold. There's no clear sign of either yet. The next major event is the Fed's rate decision on June 18. Until then, the market is left watching order books and hoping for a quiet weekend.
