Bitcoin Slips Below $60,000 Support as Spot ETF Outflows Accelerate

Key Facts

Amid a cooling appetite for digital assets, Bitcoin price fell to new lows in the current cycle, dropping below the psychological $60,000 level. According to reports, spot Bitcoin ETFs are facing significant headwinds with estimated outflows of approximately $10 billion, signaling a potential wane in institutional interest. This downward breach occurs as market focus shifts away from geopolitical tensions between the U.S. and Iran, which had previously provided a risk-off tailwind for the sector.

The decline mirrors broader weakness across the crypto complex, with Ethereum falling approximately 4% in the last 24 hours to trade near the $3,300 level per market data. Compared to the robust growth seen in Q1 2024, analysts at JPMorgan have noted that the initial surge of ETF-driven liquidity appears to have peaked in March, giving way to a more cautious distribution phase (Search: JPMorgan Crypto Report).

Traders are now focused on the next technical support level at $58,500, with BTC trading at $59,420 (June 6, 2026). Looking ahead, the economic calendar features a speech by Fed Chair Powell and the upcoming US ISM Manufacturing PMI, both of which are expected to influence dollar strength and subsequent crypto price action.