Bitcoin slipped another 3.6% over the past week, bringing its June slide into sharper focus as key market metrics flash a picture of deleveraging rather than panic. Open interest in Bitcoin futures has dropped nearly 20% since the start of the month, outpacing the price decline, while long-term holders have pulled back their selling to levels not seen since late 2024.
Long-term holders pull back
The 90-day average of spent output volume from long-term holders — a measure of how many coins the most seasoned wallets are moving — dropped to 962 BTC. That's the lowest since November 2024. The three biggest selling peaks of this cycle came in May 2024 (3,860 BTC), February 2025 (3,200 BTC) and September 2025 (2,360 BTC). The current pace is well below all of them.
The average cost basis for the most expensive coins still held by long-term investors sits at roughly $63,200. That level may act as a psychological reference point if the price keeps grinding lower.
Open interest unwinds faster than price
Total Bitcoin open interest on derivatives exchanges peaked at $25.96 billion on June 1. By June 21 it had fallen to $20.89 billion — a 19.5% drop. Over the same stretch Bitcoin's price fell 11.4%. The gap suggests traders are closing positions and reducing leverage, not being forced out by liquidations alone. That means the worst of the forced selling might be behind the market, at least for now.
ETF outflows keep slowing
Spot Bitcoin ETFs have now posted six straight weeks of net outflows, but the pace is clearly decelerating. Weekly outflows hit $1.72 billion in early June, then slowed to $315.84 million by mid-month. In the week ending June 18, they fell further to $226.84 million.
For a real recovery to take hold, those outflows need to flip positive, and some broader macroeconomic tailwind would help. So far neither has materialized. But the trend is at least moving in the right direction.
The question now is whether the slowing outflows and declining long-term holder selling can stabilize price before the next big macro event — or whether another leg down will test the $63,200 cost basis that long-term holders seem to be treating as their floor.
