Bitcoin Slips Under $60,000 as $4.37B Leaves Spot ETFs and Macro Risks Build

Bitcoin extended its decline last week, falling below $60,000 for the first time since October 2024 as selling pressure intensified across crypto markets. CoinMarketCap data shows BTC is down more than 18% over the past 14 days, briefly dipping toward $59,000 before rebounding. The recovery has lifted prices to just above $62,000, though analysts say the broader setup remains bearish and could still pull Bitcoin toward $50,000. A major catalyst has been sustained redemptions from U.S. spot Bitcoin ETFs. Figures compiled by SoSoValue indicate the products posted more than $4.37 billion in net outflows between May 15 and June 3, 2026. June 3 also marked the 13th consecutive day of net withdrawals, the longest streak since the ETFs launched. The run of outflows paused on June 5 with a modest $3.05 million net inflow, but flows turned negative again the following day with a $325.69 million outflow. BlackRock's iShares Bitcoin Trust (IBIT) accounted for the majority of the period's selling, with roughly $3.3 billion in outflows, about 75% of the $4.37 billion total. Fidelity's Wise Origin Bitcoin Fund saw about $456 million exit, while Grayscale's GBTC recorded roughly $303 million. While GBTC has faced ongoing pressure since converting from a trust, partly tied to its 1.5% fee, the latest wave has been dominated by IBIT due to its larger share of the market. Beyond ETF flows, geopolitical tensions and a broader risk-off tone have kept investors cautious, clouding conviction on Bitcoin's next move. Analysts warn that if the current backdrop persists, downside risk could increase, with $50,000 highlighted as a potential next support level. Bottom line: Persistent ETF withdrawals and macro uncertainty are reinforcing bearish momentum in Bitcoin. Traders are likely to focus on ETF flow updates and macro headlines for clearer signals that the market is stabilizing or preparing for another leg lower.