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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a significant shift for digital asset markets, Bitcoin has breached the critical $60,000 support level as total outflows from spot ETFs reached a staggering $2 billion in May. According to reports, Bitcoin ETFs saw net redemptions of $113.8 million on June 23, led by BlackRock’s IBIT fund, while Ethereum ETFs faced similar pressure with $82.4 million in outflows, signaling a broad institutional retreat from risk-on assets.
This price action marks a deepening correction, with Bitcoin falling over 6% from its previous consolidation range near $64,150. Market data indicates that the $2 billion outflow in May represents one of the most significant periods of institutional de-risking since the launch of the spot ETFs. This trend aligns with broader market volatility as investors pivot away from speculative assets amid shifting expectations for global interest rate trajectories.
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Sign InTraders should now watch for new technical floors with Bitcoin trading below $60,000 and Ethereum at $3,420 (close of June 23, 2026). Looking ahead, the economic calendar features pivotal interest rate decisions from the SNB and the Bank of England on June 18, which will likely dictate global liquidity conditions and the subsequent appetite for digital asset instruments.
Update: Recent technical analysis from 10x Research suggests continued downward pressure, with Bitcoin projected to test the $55,000 support level. According to the report, the market is expected to reach its cyclical bottom between August and October 2026 before any sustained recovery.