Bitcoin's Slide Below $60K Tied to Record June ETF Outflows
2026-07-01
Bitcoin broke below the closely watched $60,000 level in late June 2026, falling to a 21-month low near $58,000, in a decline reporting from Intellectia AI and 24/7 Wall St. attributed largely to record institutional selling through spot ETF products.
US spot Bitcoin ETFs recorded approximately $4.5 billion in net outflows during June 2026, according to data compiled from Bloomberg and SoSoValue and cited by multiple outlets, surpassing the prior monthly outflow record of $3.56 billion set in February 2025. BlackRock's IBIT accounted for roughly 75% of the June redemptions.
The pullback pushed Bitcoin's weekly close below its 200-week moving average for the first time since 2023, a technical threshold that has historically coincided with prior bear-market periods, according to 24/7 Wall St.'s coverage. The Crypto Fear & Greed Index fell as low as 11, indicating extreme fear across the market.
Analysts cited in Intellectia AI's reporting characterized the outflows as cyclical, tied to macro tightening and risk-off positioning, rather than a structural collapse in Bitcoin's investment case, while noting that a sustained return of ETF inflows would likely be necessary to confirm a durable price bottom.
Related on this site: Read more about historical crypto bear-market drawdowns and what they mean for long-term holders.