Bitcoin retested the $58,000 level and remained below $60,000 with the selling pressure intensifying in the last 24 hours. The weakening in price movement coincided with a period when outflows to spot Bitcoin ETFs also accelerated.
ETF outflows reached one-month high
According to SosoValue data, total net outflow in spot Bitcoin ETFs on the last trading day was $696.29 million. This amount stood out as the highest daily outflow recorded since May 27.
Regular money outflows have been observed in Bitcoin ETFs in recent months. However, recent data indicated that the selling pressure on the corporate side has become even stronger in a period when market recovery expectations come to the fore.
Spot Bitcoin ETFs recorded a net outflow of $696.29 million on the last trading day, the highest daily withdrawal since May 27.
Price remains below $60,000
The massive outflow of funds from ETFs coincided with the sharp pullback in Bitcoin. The asset’s return to $58,000 seems to have caused investors to be more cautious in Bitcoin-focused products.
Bitcoin was trading at $59,401 at the time of writing. This level indicated a decrease of 2.98 percent in the last 24 hours. As intraday volatility continues, market participants are watching to see if the $58,000 area is a short-term bottom.
Corporate selling weakens short-term outlook
The sudden decline in price accompanied by corporate sales raised questions about Bitcoin’s short-term recovery capacity. Particularly strong outflows in the ETF channel showed that there was a significant decrease in the risk appetite of institutional investors.
While weak momentum stands out in the current outlook in the market, investors are watching whether the price can rise above $ 60,000 again, on the one hand, and whether there will be a balancing in ETF flows, on the other hand.
Accelerating outflows in the ETF market during the period when Bitcoin retested $ 58,000 made the cautious stance of institutional investors more visible.
When the latest pricing and fund flows are evaluated together, it seems that the downward pressure on Bitcoin has not decreased in the short term. Therefore, attention in the market turned to both the new ETF data and whether the $ 60,000 threshold could be regained.
