Bitcoin's price has fallen to $62,000, its lowest since September 2024, as a 14% weekly decline deepened. A measure of positive sentiment around the asset collapsed 92% in the past week — from 814 on June 3 to just 61 on June 10, according to data cited in the report. The drop coincides with another wave of outflows from U.S. spot Bitcoin ETFs, which have now shed $2.43 billion in May and another $1.89 billion in the first ten days of June.
Sentiment hits a floor
The sentiment score isn't just low — it's nearly erased. A 92% plunge in seven days means bullish chatter has all but disappeared from social channels and news feeds. That kind of silence often marks capitulation, or at least a pause in selling. But the numbers suggest the selling isn't done yet: Bitcoin ETF assets under management have shrunk from $147.73 billion in November 2025 to $77.58 billion, a drop of nearly half.
Wintermute pins it on institutions
Market maker Wintermute attributed the slide to U.S. institutional selling and the ETF outflows, not to Strategy's recent activity. The firm noted that Strategy sold just 32 BTC — and then bought back 1,550 BTC. That net purchase doesn't look like a dump. The real pressure, Wintermute argued, is coming from big money rotating out of crypto exposure, likely as part of broader risk-off moves.
Stablecoin reserves shrink
Exchange-held stablecoin reserves dropped to $62.81 billion as of June 10, down 16% from the November 12, 2025 peak of $75.12 billion. That's a $12.3 billion drawdown in dry powder. Less stablecoin liquidity on exchanges means there's less ready capital to buy the dip, which can prolong a downtrend. Total stablecoin market cap also declined, falling by $3.25 billion to $315.97 billion over the same period.
Rekt Capital's ceiling
Analyst Rekt Capital weighed in with a specific ceiling: mid-$80,000 for Bitcoin in 2026, if the current macro downtrend remains unbroken. That's not a floor — it's a cap. The call implies that even a rebound from here would struggle to break into six figures without a fundamental shift in investor sentiment. Whether that shift arrives depends in large part on whether the ETF outflows slow and stablecoin reserves start to refill.
