Bitcoin is back above $63,000, but what happened in exchange-traded funds (ETFs) last week is a warning.
As the price eased toward $60,000, the 11 U.S. spot ETFs recorded $1.72 billion in net outflows, marking a third straight week of accelerating redemptions. That happened on total weekly volume of just $18.43 billion, according to data from SoSovalue.
Compare that to the first week of February, when bitcoin suffered a similar crash to $60,000. At the time, outflows were only $318 million, but total weekly volume was $46.15 billion in a clear sign of panic and capitulation, reflecting a fiercely challenged market with active participation from both bulls and bears.
That was not the case last week, when outflows accelerated due to subdued trading volume. The combination suggests a steady exodus rather than a shock-driven capitulation that typically marks local bottom.
As such, the sustainability of bitcoin’s bounce is questionable. A dramatic increase in ETF demand may be needed to put the price on a compelling upward trajectory.
That likelihood appears low, as looming initial share sales by SpaceX and Anthropic, two of the largest IPOs in history, could continue to siphon liquidity from broader markets, including crypto.
Further, this week’s US inflation data for May, which is expected to show that the cost of living rose above 4%, could increase volatility in both bonds and the broader financial market. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
What is trending
Today’s signal
The chart shows bitcoin’s weekly price swings in candlestick format since 2023.
The recent collapse has pushed BTC closer to the 61.8% Fibonacci retracement level ($57,799) defined by the rally from the 2022 bear market low to the 2025 bull market high.
This Fibonacci level, often called the “golden section”, is widely tracked as a key turning point where trends either strengthen or reverse, making it a critical zone for assessing pullback strength and potential entry opportunities.
Sales are therefore likely to deteriorate if this level is breached.
