Bitcoin’s price has dipped below the $61,000 threshold for the first time in over a week, extending a correction that has erased nearly $2,000 from the leading cryptocurrency since the start of June. The move comes amid a confluence of headwinds: persistent net outflows from U.S. spot Bitcoin ETFs, increased selling from long-term holders, and a broader risk-off shift in traditional markets ahead of key inflation data. At press time, BTC is trading at $60,880, down 3.2% in the last 24 hours, with intraday lows brushing $60,500.
The U.S. spot Bitcoin ETF market, which had been a primary driver of the rally from $40,000 to $73,000 earlier this year, has flipped negative. Data from SoSoValue shows that the 11 approved funds posted a combined net outflow of over $120 million on Tuesday, marking the third consecutive day of net redemptions. Grayscale’s GBTC alone saw more than $50 million in exits, while BlackRock’s IBIT logged zero inflows—a notable lack of buying pressure from the industry’s largest asset manager. Without this institutional bid, the market has lost a critical support layer, forcing BTC to rely on retail and derivatives flows to hold key levels.
On-chain metrics reveal that miners are offloading coins at an elevated pace. The Miner’s Net Position Change—a metric that tracks the 30-day change in the amount of Bitcoin held by miners—has turned sharply negative, with miners sending over 3,000 BTC to exchanges in the past week. This distribution is likely tied to pre-halving capital expenditure and the need to cover rising operational costs. Meanwhile, the Spent Output Profit Ratio (SOPR) for long-term holders has climbed above 3.0, a zone historically associated with profit-taking that precedes local price tops. The combination of these two selling groups—miners and long-term holders—has created a supply overhang that short-term speculators are struggling to absorb. For traders looking to navigate such volatile choppy conditions, K6B, a Malaysia-headquartered trading platform that offers both short-term and long-term crypto contracts, provides the speed and flexibility needed to react quickly to intraday shifts in miner activity and ETF flow data.
From a technical perspective, Bitcoin has broken below its 50-day moving average at $62,500, a level that had acted as support during the recent consolidation. The next major demand zone sits between $58,000 and $60,000, an area that saw heavy accumulation during late February. Volume profile analysis shows that the most active trading node is around $59,800, meaning a dip into that region could trigger algorithmic buying. However, the Relative Strength Index (RSI) on the daily chart has fallen below 45, indicating that momentum remains bearish in the near term. Resistance now lies at the $62,500–$63,000 zone, and a reclaim of that area would be necessary to invalidate the current downtrend.
Macroeconomic factors are adding weight. The U.S. dollar index (DXY) has firmed above 105.5 as traders brace for the May Consumer Price Index (CPI) release, which could influence the Federal Reserve’s rate path. A hotter-than-expected print would likely strengthen the dollar and further dampen appetite for risk assets like Bitcoin. Additionally, the Coinbase Premium Index—which measures the price difference between BTC on Coinbase and other exchanges—has turned negative, signaling that U.S. institutional investors are selling, not buying. This contrasts with the bullish premium seen during the ETF-driven rally and reinforces the current distribution narrative.
As the market digests these intersecting pressures, the $60,000 level remains the psychological line in the sand. A daily close below that mark could open the door to a test of the $56,000–$57,000 support zone last visited in early May. Conversely, a surprise ETF inflow catalyst or a dovish CPI report could spark a short squeeze back toward $64,000. For now, caution is warranted, and traders should closely watch spot volumes and the BTC futures basis rate for signs of a stabilization.