#BitcoinETFSees7272BTCOutflow

Bitcoin Drops to US$60,000, Triggered by ETF Outflows and Overreaction to Bitcoin Sale Strategy

Bitcoin price plummeted close to the US$60,000 level amid a combination of ETF fund outflows and negative sentiment following Michael Saylor's company, Strategy, revealing a partial sale of their Bitcoin holdings.
Although the US-based spot Bitcoin ETF finally recorded an inflow of US$3.05 million on Thursday after 13 consecutive days of outflows, this figure is considered too small to change the still-negative market sentiment.
Since mid-May, the US spot Bitcoin ETF has lost over US$4.4 billion due to investor withdrawals. As a result, the total ETF Bitcoin assets decreased from US$104.29 billion to US$80.40 billion.
Market Overreacts to 32 Bitcoin Sale
In addition to ETF pressures, the market was also shaken by news that Strategy sold 32 Bitcoin worth approximately US$2.5 million between May 26 and 31.
However, many market participants viewed this reaction as excessive, considering the small amount sold compared to the company's total Bitcoin holdings.
As of May 31, Strategy still held Bitcoin worth around US$63.87 billion, making it one of the largest corporate Bitcoin holders in the world. The sale of 32 BTC represents only a tiny fraction of the company's total holdings and does not alter the long-term accumulation strategy the company has been pursuing.
Nevertheless, Michael Saylor's name, long associated with Bitcoin accumulation, caused concern among investors when news of the sale emerged, especially as market sentiment was already weak due to ETF outflows.
ETF Inflows Still Insufficient to Change Trend
Data shows that only BlackRock's Bitcoin ETF, IBIT, recorded an inflow of US$47.66 million. Meanwhile, other ETFs such as Fidelity FBTC, Bitwise BITB, and Ark Invest's ARKB still experienced outflows.
The US$3.05 million inflow is also much smaller compared to the daily outflows previously exceeding US$100 million.
This condition indicates that institutional investors remain cautious about cryptocurrencies amid market uncertainty.
Bitcoin ETF Holdings Near Year-Low
According to CheckonChain data, the total Bitcoin holdings managed by spot ETFs currently stand at 1.277 million BTC, about 7.2% below the record high recorded last October.
This amount is also only slightly above the lowest level on February 23, which was 1.274 million BTC, when Bitcoin was around the US$60,000 level.
Ethereum ETF Also Ends Outflow Trend
On the other hand, the US spot Ethereum ETF also managed to end a 17-day outflow streak, recording an inflow of US$19.3 million.
All of this inflow came from BlackRock's ETHA ETF, while other Ethereum ETFs recorded net zero fund flows.
The combination of ETF outflows over the past few weeks and market sentiment overreacting to Strategy's sale of 32 BTC has been a major factor in pushing Bitcoin prices back toward the psychological level of US$60,000.