Bitcoin Tests $60K Support as Spot ETFs Record $1.9 Billion in Outflows

Key Facts

Amid rising uncertainty in risk-on assets, Bitcoin is struggling to maintain its role as a market hedge during the current period of heightened volatility. According to reports, spot Bitcoin ETFs experienced massive outflows totaling $1.9 billion, placing direct selling pressure on the underlying asset. This downturn comes as the primary cryptocurrency fights to avoid a break below the critical $60,000 support level following a significant blow to investor confidence.

This decline coincides with a broader slump in the technology sector, as cryptocurrencies track the sharp sell-off in Big Tech stocks and the Nasdaq index. Compared to the previous quarter, market data suggests a shift in sentiment from institutional optimism to liquidity risk aversion. Per market data, the correlation between Bitcoin and tech growth stocks remains elevated, leaving the digital asset vulnerable to further downside if the tech sector's retreat persists.

Regarding price action, Bitcoin is currently testing lower range boundaries as of the close on June 11, 2026. Traders are closely monitoring upcoming catalysts, including the Westpac Consumer Confidence change on June 9, which may influence global risk appetite. A sustained move below $60,000 could trigger further technical corrections unless new buying catalysts emerge in the near term.