Key Highlights
- Bitcoin spot ETFs registered $1.72 billion in net redemptions during the week concluding June 5
- This marks the fourth consecutive week of outflows, with each week exceeding $1 billion in withdrawals
- BlackRock’s IBIT dominated the exodus with $1.34 billion in redemptions, while Fidelity and Grayscale followed
- Technical analyst Ted Pillows forecasts potential decline to $50,000 before eventual surge past $100,000
- BTC price recovered toward $64,000 following Trump’s announcement of Israel-Iran ceasefire negotiations
U.S. spot Bitcoin exchange-traded funds have extended their outflow streak to four consecutive weeks, recording $1.72 billion in net redemptions for the period ending June 5, data from SoSoValue reveals.
The withdrawal trend began during the week concluding May 15. Since then, every subsequent week has witnessed over $1 billion departing these investment vehicles.
The most intense selling pressure materialized during June’s opening three trading sessions. Investors pulled $483.8 million, $519.1 million, and $396.6 million on consecutive days. A modest $3.2 million inflow on Thursday provided temporary relief before Friday delivered another $325.7 million exodus.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) dominated the outflow activity, representing $1.34 billion of the weekly total. Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced $201.9 million in redemptions, while Grayscale’s Bitcoin Trust ETF (GBTC) recorded $144.3 million in withdrawals.
Matthew Pinnock, Chief Operating Officer at Altura DeFi, characterized the selling wave as a “macro-driven repricing of risk” unrelated to Bitcoin fundamentals. He explained that IBIT experiences the largest outflows due to its market dominance and superior liquidity, noting that institutional investors typically favor highly liquid instruments when reducing risk exposure.
“The timing of these redemptions aligns closely with stronger-than-expected US employment data, rising Treasury yields, and a sharp reduction in rate cut expectations,” Pinnock stated. He emphasized that Bitcoin’s recent underperformance stems from evolving interest rate forecasts and institutional risk management strategies.
Ethereum ETFs Mirror Withdrawal Trend
Spot Ether ETFs exhibited comparable dynamics. These products recorded $173.05 million in net outflows for the week ending June 5, continuing their own four-week redemption cycle. Ether ETFs have collectively lost approximately $885.6 million throughout this four-week period.
However, not all cryptocurrency ETF offerings experienced negative flows. HYPE ETFs attracted $16.65 million during the week. XRP ETFs captured a modest $2.62 million in new investments. Solana ETFs registered $6.52 million in redemptions.
Cryptocurrency analyst Ted (@TedPillows) shared on X that Bitcoin has established two lower highs in the current market cycle, compared to three in the preceding cycle. He cautioned that a third lower high may materialize during Q3, potentially triggering a correction to $50,000. His projection anticipates a subsequent rally exceeding $100,000 following that bottom formation.
BTC Price Rebounds Toward $64K Territory
On June 8, Bitcoin rallied back toward the $64,000 level after President Trump announced via Truth Social that both Israel and Iran were pursuing an “immediate ceasefire.” BTC touched $63,715, representing a 3.25% daily gain.
The cryptocurrency had declined earlier following Iran’s retaliatory strikes against Israeli military installations, which came in response to Israeli operations targeting Hezbollah-connected facilities in Beirut. Iranian authorities subsequently confirmed their joint military command suspended offensive operations.
Trump acknowledged that a blockade would remain operational until finalization of a comprehensive agreement, though diplomatic negotiations were already progressing.
Bitcoin traded at $63,715 according to the most recent data, recovering from geopolitical volatility that pressured prices during the earlier trading session.
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