Spot Bitcoin ETF net outflows hit $696 million, highest since May 27, as BTC falls below $60,000

Bitcoin faced renewed selling pressure in the past 24 hours, slipping back to test the $58,000 level and remaining firmly below $60,000. This downturn in price coincided with a sharp acceleration in outflows from spot Bitcoin exchange-traded funds (ETFs), highlighting growing unease among investors.

ETF outflows reach monthly peak

According to data from SosoValue, spot Bitcoin ETFs recorded total net outflows of $696.29 million on the latest trading day. This figure marks the highest single-day withdrawal since May 27, underscoring the intensity of institutional selling.

While steady outflows have been observed from Bitcoin ETFs in recent months, the latest numbers suggest that institutional investors are increasingly offloading their holdings at a time when market participants were hoping for signs of recovery.

Bitcoin remains below $60,000

The substantial fund withdrawals from ETFs occurred simultaneously with Bitcoin’s steep correction. The asset’s renewed dip to $58,000 appears to have prompted greater caution among investors, particularly those exposed through ETF products.

At the time of writing, Bitcoin was trading at $59,401—down 2.98% over the previous 24 hours. As market volatility persists, traders are closely monitoring the $58,000 zone to determine whether it represents a short-term bottom.

Institutional selling clouds near-term outlook

The price plunge, accompanied by heightened institutional selling, has raised further questions about Bitcoin’s potential for a quick rebound. Notably, strong outflows from ETFs signal a clear decline in risk appetite among large investors.

With momentum still subdued, the market’s attention has now turned to two critical areas: whether Bitcoin can reclaim the $60,000 mark, and if outflows from ETFs will eventually subside or stabilize.

Evaluating recent price action and fund flows side by side reveals that downward pressure on Bitcoin remains unrelieved in the short term. As a result, the market is watching both for fresh ETF data and for any signs that Bitcoin might regain a foothold above the $60,000 threshold.

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