Bitcoin fell below $60,000 for the first time since October 2024, touching a new cycle low this week as selling pressure mounted across digital-asset markets. The drop — more than 18% over the prior two weeks — came alongside a historic rout in US spot Bitcoin ETFs that saw a record 13 consecutive days of outflows through June 3, according to data from the exchanges and issuers.
ETF outflows hit $4.37 billion in 20 days
From May 15 to June 3, investors pulled more than $4.37 billion out of US spot Bitcoin ETFs — the longest withdrawal streak since the products launched in early 2024. The bleeding finally paused on June 5, when a net $3.05 million trickled in, but the reprieve was short-lived. The very next day saw an outflow of $325.69 million, underscoring how tentative any recovery has been.
BlackRock's IBIT bore the brunt
BlackRock's iShares Bitcoin Trust (IBIT) accounted for roughly $3.3 billion — or 75% — of the $4.37 billion in outflows during the 13-day streak, the largest share among issuers. Fidelity's Wise Origin Bitcoin Fund shed $456 million, while Grayscale's GBTC lost another $303 million over the same period. Convenience fees matter here: Grayscale's trust carries a 1.5% expense ratio, the highest among major spot products, a factor that analysts have long warned keeps GBTC bleeding assets even when the broader market stabilizes.
What comes next
Bitcoin managed to bounce slightly after the worst of the selloff, trading back above $62,000 by the end of the week following a crash toward $59,000. But the recovery looks fragile. Some analysts have warned that if the current pressures — from ETF redemptions and broader macro uncertainty — persist, Bitcoin could slide further toward $50,000. For now, the streak of ETF outflows has broken, but the pattern of selling has not clearly reversed. Markets will be watching whether net flows can string together a few positive days, or if this pause turns out to be just a breather before another leg down.
