Bitcoin Bounces Above $60,000 Despite Record ETF Outflows

Bitcoin rose on Wednesday to trade above the key $60,000 psychological level, staging a partial recovery a day after closing out a difficult quarter. The modest gain comes after the world's largest cryptocurrency logged a 14% loss for the June quarter, pressured by persistent institutional selling and investor anxiety over U.S. interest rate policy.

By 17:55 ET (21:55 GMT), Bitcoin was up approximately 3.7% to $60,807.4, according to Investing.com data. The price action followed a volatile session where the token briefly touched a 22-month low of $57,803.0 earlier in the day.

Persistent ETF Outflows Signal Investor Caution

A primary driver of recent weakness has been significant selling pressure from U.S. spot Bitcoin exchange-traded funds (ETFs). These investment vehicles experienced their largest monthly outflows since their January 2024 launch, shedding a record $4.5 billion in June, according to data from SoSoValue. The withdrawals mark a potential eighth consecutive week of net outflows for the products.

Key details on the June ETF outflows include:

Ad

• The $4.5 billion figure surpassed the previous monthly outflow record of $3.48 billion set in February 2025.
• BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot ETF by net assets, accounted for $3.55 billion of the month's total outflows.
• Total net assets across all U.S. spot Bitcoin ETFs have fallen to around $70.9 billion from peaks above $110 billion.

Macro Pressures and Analyst Downgrades

Broader market sentiment remains a significant headwind for digital assets. The Federal Reserve's hawkish stance in June has solidified expectations for higher interest rates, increasing the opportunity cost of holding non-yielding assets like Bitcoin. This sentiment has been compounded by a reported rotation of capital from speculative crypto assets into artificial intelligence-linked stocks.

Reflecting the cautious outlook, Citi on Tuesday slashed its 12-month price target for Bitcoin to $82,000 from a previous $112,000, citing weakening investor demand and negative ETF flows. In a bear-case scenario, the bank sees Bitcoin potentially falling to $53,000. Analysts at the bank noted that "ETF flows, an important driver of prices, have turned negative recently," and that wider adoption may remain on hold until a new catalyst emerges.