Bitcoin Slides 16% as $5.5B Exits Spot ETFs

Published: 2026-06-10 08:39:22 |

Bitcoin (BTC) fell 16% in one week, dropping below $60,000 and trading near $61,500. The selloff accelerated on June 9 after US Central Command said military operations against Iran occurred in “legitimate defense.” Bitcoin reacted immediately, with price down ~3% to about $61,766. CoinGlass data showed $136M in long positions liquidated in 24 hours, mostly in BTC. Institutional flows also turned bearish. US spot Bitcoin ETFs posted net outflows for 13 straight trading days, with total withdrawals exceeding $5.5B. At the same time, Michael Saylor’s Strategy sold a small amount of Bitcoin reserves, even though it later bought an additional 1,550 BTC for about $101M—enough to shake market “hold” expectations. Technically, Bitcoin slipped below the 200-week moving average, a level some analysts view as the start of a weaker phase. Analysts also noted long-term options optimism has not yet appeared near cycle bottoms. On-chain positioning diverged: small holders (<0.01 BTC) increased balances, while large wallets (10–10,000 BTC) reduced exposure. Santiment data showed +0.36% for small wallets vs -0.20% for larger wallets over two weeks. Key support levels traders may watch: realized price around $53,000, and a potential retest of $50,000–$52,000 before a cycle low forms.

Bearish

This is bearish because the move is driven by both risk-off headlines and sustained Bitcoin ETF outflows. The article cites BTC dropping 16% in a week alongside 13 consecutive trading days of spot ETF net withdrawals exceeding $5.5B. Historically, when ETF flows stay negative while liquidations spike (here $136M long liquidations), downside tends to persist until flows stabilize and technical support is defended. Short term, BTC is trading below the 200-week moving average and positioning is mixed (small wallets add, large wallets reduce), which often keeps volatility elevated. Traders may see $53,000 realized price and the $50,000–$52,000 zone as near-term magnets/inflection points. Long term, the selloff could still develop into a broader consolidation if ETF outflows reverse and BTC reclaims key moving averages; however, the piece notes that the typical options-driven “bottom optimism” has not appeared yet—suggesting the market may need more time (or capitulation) before a durable cycle low forms.