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Bitcoin (BTC) traded near $60,167.29 on Monday after US spot Bitcoin exchange-traded funds (ETFs) recorded more than $4 billion in net outflows during June, the largest monthly redemption since the products began trading in January 2024. The record withdrawals have weighed on Bitcoin despite improving geopolitical sentiment, leaving investors focused on whether institutional demand can recover in the second half of the year.
The latest data from SoSoValue showed US spot Bitcoin ETFs also posted $1.79 billion in net outflows last week, extending a multi-week streak of withdrawals. June followed another weak month, with about $2.43 billion leaving the funds in May, bringing two-month redemptions close to $6.5 billion.
Spot Bitcoin ETFs Saw $1.79B in Net Outflows Last Week, Third-Highest Weekly Outflow on Record
From June 22 to June 26 (ET), spot Bitcoin ETFs recorded net outflows of $1.79 billion, marking the third-highest weekly net outflow on record. Spot Ethereum ETFs saw net outflows of… pic.twitter.com/6CDFFVY68L
— Wu Blockchain (@WuBlockchain) June 29, 2026
Spot Bitcoin ETFs have become one of the market’s closest gauges of institutional participation because they allow investors to gain regulated exposure without holding Bitcoin directly. Persistent withdrawals generally point to weaker institutional demand as asset managers and other professional investors reduce exposure.
The recent trend has coincided with Bitcoin’s weaker performance this year. BTC has fallen about 30% since January and is heading toward a second consecutive quarterly decline, a pattern seen only a handful of times in its trading history.
The ETF weakness has also overshadowed developments that might normally support risk assets. Reports that the United States and Iran agreed to resume diplomatic talks helped lift equity futures, yet Bitcoin struggled to build momentum above $60,000. The muted reaction came as ETF withdrawals continued to dominate sentiment across the crypto market.
Macroeconomic conditions continue to weigh on digital assets alongside ETF outflows. Markets have reduced expectations for near-term monetary easing after recent US economic data pointed to resilient inflation and a stronger labor market. Higher interest rates typically reduce demand for assets viewed as carrying greater risk, including cryptocurrencies.
Investors are also preparing for this week’s US employment report, which could influence expectations for the Federal Reserve’s policy path during the coming months.
Meanwhile, renewed US-Iran talks lifted S&P 500 and Nasdaq 100 futures by about 0.5%, but Bitcoin remained pinned near $60,000 as ETF outflows continued to dominate market sentiment.
Those macro headwinds have kept Bitcoin under pressure even as broader risk assets stabilized, leaving ETF flows and upcoming US economic data among the key drivers traders are watching this week.
Market participants remain split over Bitcoin’s next move.
Several technical indicators point to weakening momentum. The cryptocurrency recently closed below its 200-week simple moving average, a level that has historically acted as long-term support during previous bear market cycles.
Coin Bureau founder and former Goldman Sachs professional Nic Puckrin said the breakdown shifts attention to the 61.8% Fibonacci retracement near $57,900, with Bitcoin’s realized price around $53,200 becoming the next key support if selling pressure continues.
This hasn't happened to Bitcoin in over 3 years.
It just closed below the 200w SMA – the first time this cycle!
It's a key bear market support which is now broken.
Watch the 61.8% fib ratio at $57.9k as the next support.
If we break that, the onchain realised price at… pic.twitter.com/38SMhDYp9J
— Nic (@puckrin) June 29, 2026
Others argue the market may already be approaching a bottom.
JAN3 founder Samson Mow said Bitcoin’s traditional four-year cycle appears to have accelerated after reaching an all-time high before the April 2024 halving. He argued that historical cycle comparisons may be less reliable because institutional participation has changed the market structure.
I find it incredibly interesting how some people are so certain that the bottom is coming in 4 months because “cycles.” But we had an ATH 37 days before the halving, so it would seem even if you believe in cycles you should reason out the cycles accelerated. The bottom is in.
— Samson Mow (@Excellion) June 28, 2026
At the same time, 10x Research founder Markus Thielen said Bitcoin could still decline toward $55,000, arguing the market is more likely to establish a bottom between August and October.
Liquidation data also shows traders are watching nearby technical levels closely. Liquidity has built around $61,000-$62,000, making that range an important resistance zone, while another concentration of leveraged positions sits near $58,800-$59,000, creating a key area of support.
Bitcoin now enters the second half of 2026 with record June ETF outflows, weakening institutional demand, and traders closely watching whether its price can reclaim resistance near $61,000 or hold support around $58,800.
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