Bitcoin Under Pressure: Grayscale Warns Strategy, Spot ETF Outflows Hit $4.7B

Published: 2026-06-05 08:12:33 |

Bitcoin price tests the $63K area as demand weakens on two fronts. First, Grayscale warns that Strategy’s leveraged Bitcoin treasury model may struggle to keep accumulating BTC at the current pace. Strategy disclosed the sale of 32 BTC, and since then Bitcoin is down roughly 16%, while Strategy shares fell about 12.8% to a near two-month low. The company also sold about $128M in equity, shifting investor expectations about its ability to avoid further token sales. Second, U.S. spot Bitcoin ETF flows turned decisively negative, with 15 straight sessions of net redemptions and cumulative outflows exceeding $4.7B. This removes a major demand pillar as derivatives positioning unwinds and spot liquidity thins. Technically, Bitcoin sits near $62.8K with trend still down. Key levels highlighted: support around $61.4K and $60K (psychological), then $55K if $61.4K breaks. RSI is near 17 (oversold), but MACD remains bearish. A reclaim of ~$63.83K and ~$65.98K would improve the short-term bias; a daily close below ~$59.8K would invalidate the bullish setup. Traders also link the selloff to the broader AI-equities unwind, which has accelerated profit-taking and dragged crypto lower.

Bearish

This news is bearish because it targets both immediate and structural Bitcoin demand. Strategy’s disclosed BTC sale and Grayscale’s warning together imply the “marginal buyer” may step back, reducing the floor that previously limited drawdowns. At the same time, spot Bitcoin ETF redemptions totaling over $4.7B across 15 straight sessions remove a second demand pillar, often leading to thinner spot order books and larger downside moves when selling pressure arrives. In similar prior episodes, when ETFs flip from inflows to sustained outflows, rallies tend to fail sooner because spot liquidity deteriorates and macro/positioning tailwinds fade. The article also flags an unwind in derivatives positioning, which can amplify volatility. Short term, traders may press toward $60K and then $55K if $61.4K fails, despite oversold RSI. Long term, if firms continue shifting from leveraged treasury accumulation to diversified balance sheets, BTC demand dynamics could become less “sticky,” keeping rallies more dependent on new catalysts rather than balance-sheet buying.