Bitcoin slips toward $62,000 as tech rout deepens and ETF outflows hit $6B
Bitcoin (BTC) is sliding toward $62,000 after a second day of heavy selling in tech and semiconductor stocks. BTC traded around $62,546, down 2.1% in 24 hours and 4.9% on the week, extending weekly losses.
Risk-off pressure spread across major tokens: Ethereum (ETH) fell 3.7% to about $1,661 (down 7.2% on the week), XRP slid to ~$1.10 (down 2.2% on the day, 9.3% weekly), Solana (SOL) dropped to ~$69 (down 3.3% daily), and Dogecoin (DOGE) slid with a ~9.8% weekly drop. Hyperliquid’s HYPE was the worst performer, down 8.8% on the day and 18.6% on the week to around $61. Tron (TRX) was the relative holdout, up 3.7% on the week.
Macro and crypto-specific signals both point to de-risking. US spot Bitcoin ETFs recorded a record 30-day net outflow exceeding $6 billion, suggesting sustained institutional selling. Analysts said BTC’s low-to-mid $60,000 area looks like a fragile floor, but relief rallies may struggle while ETF flows remain negative.
Deribit options expiry on Friday is a key near-term catalyst: about $10.6B notional expires. Nearly 80% of open positions are out-of-the-money, clustered around a ~$60,000 put and an ~$80,000 call—levels that reflect stretched positioning rather than guaranteed directional magnets.
With BTC pinned between a pressured “AI trade” and an easing oil backdrop, traders may see choppy price action unless ETF outflows clearly reverse.
Bearish
This is bearish for BTC mainly because the selloff is being reinforced by persistent institutional de-risking and a risk-off macro backdrop. BTC’s slide is not just a local crypto move: a second day of heavy semiconductor/tech selling pulled global risk assets lower, while US spot Bitcoin ETFs reported a record 30-day net outflow of over $6B. In past cycles, sustained ETF outflows have often coincided with weaker spot demand and “relief rallies” that fade quickly.
On the trading horizon, the $10.6B Deribit options expiry and the fact that ~80% of positions are out-of-the-money (clustered around the $60k put and $80k call) suggest limited immediate directional fuel from options positioning. That can keep BTC range-bound, but with a downside bias if ETF outflows remain negative and macro pressure continues.
Short-term: expect volatility and potential downside tests of the ~$60,000 floor, especially around expiry.
Long-term: if ETF flows reverse and macro stress eases, the market could reprice upward; however, until those conditions improve, BTC is likely to stay capped by absent/inactive institutional bid.