Bitcoin traded around $61,100 as of June 9. While the weekly loss was around 10%, ongoing outflows from spot Bitcoin ETFs in the US and sales in major wallets indicated that the pressure on the price continued. Market maker Wintermute attributed the pullback to U.S. institutional investors reducing positions rather than retail investor panic.
ETF outflows were decisive in pricing
According to Wintermute data, US spot Bitcoin ETFs experienced their longest outflow streak ever as of the end of May. Total net outflow through May 30 reached approximately $2.97 billion. The company stated that with no new inflows, the price direction has become largely dependent on capital flows.
Wintermute stated that since the previous support has weakened, there is limited space left in the market to support, and at this stage, the direction is mainly determined by fund flows.
According to analysts, Bitcoin did not form a strong support zone between $50,000 and $59,000 during the 2024 rally. For this reason, traders are monitoring ETF inflows and outflows and liquidity conditions more closely, rather than clear technical levels.
Bitcoin is still down more than 50% from its peak of over $126,000 in October 2025. Strategy company also sold 32 BTC for the first time since 2022. Although the company described this transaction as insignificant, the fact that it took place during a period when ETF outflows continued attracted attention in the market. Strategy, formerly known as MicroStrategy, is known as a US-based software company that stands out for holding a large amount of Bitcoin on its balance sheet.
| Indicator | Data |
|---|---|
| Bitcoin price | Around $61,100 |
| Weekly change | 10% drop |
| US spot ETF net outflow | $2.97 billion as of May 30 |
| October 2025 peak | over $126,000 |
Macroeconomic data also increased the pressure. Nonfarm payrolls in the United States increased by 172,000 in May. This figure was above expectations of approximately 80,000. April data was also revised upward to 179,000. The strong employment outlook supported bond yields and weakened the expectation that the US Federal Reserve would cut interest rates in the near term.
CZ calls for calm, big wallets decline
Binance founder Changpeng Zhao called on investors to remain calm after the decline. Zhao said that Bitcoin will not remain dead for a long time and there should be no panic. The message comes at a time when ETF outflows continue and sentiment in derivatives markets weakens.
Changpeng Zhao emphasized that the withdrawal may not indicate a permanent deterioration and stated that there is no need to panic for Bitcoin.
Santiment data showed that there was a separation between small and large investors in the last two weeks. Wallets holding less than 0.01 BTC increased their balance by 0.36%. In contrast, wallets holding assets between 10 and 10,000 BTC reduced their holdings by 0.20%. Santiment noted that permanent bottoms often occur after periods when individual investors surrender, and such a sign has not yet become evident in the current chart.
Although it is stated that some long-term investors are buying at these levels, on-chain data does not yet indicate the strong whale accumulation seen at previous cycle bottoms. For this reason, it is expected that ETF flows and changes in wallet distribution will continue to be decisive in the direction of Bitcoin in the short term.
