#加密市场观察 As SpaceX and Anthropic prepare for their upcoming IPOs, the recovery of cryptocurrencies remains elusive.

Although Bitcoin's price has rebounded above $63,000, the trend of exchange-traded funds (ETFs) last week sounded an alarm.
As Bitcoin's price fell to around $60k, 17.2 billion USD in net outflows occurred from 11 U.S. spot ETFs last week, marking the third consecutive week of accelerated redemptions. According to data from SoSovalue, this happened when the total trading volume that week was only 18.43 billion USD.
In contrast, Bitcoin experienced a similar crash in early February, with the price dropping to $60,000 at one point. At that time, outflows were only 318 million USD, but the weekly trading volume reached 46.15 billion USD, reflecting intense market competition, with both bulls and bears actively participating.
However, last week's situation was quite different, with outflows accelerating while trading volume remained relatively subdued. This combination indicates that capital outflows are relatively slow, rather than the typical impulsive capitulation signaling a local bottom.
Therefore, the sustainability of Bitcoin's rebound is questionable. Perhaps a significant rebound in ETF demand is needed to push the price onto a convincing upward trajectory.
But currently, this seems unlikely, as the upcoming initial stock sales of SpaceX and Anthropic (the two largest IPOs in history) may continue to drain liquidity from the broader market, including cryptocurrencies.
Additionally, the U.S. inflation data for May due to be released this week is expected to show a cost of living increase of over 4%, which could intensify volatility in the bond market and the overall financial markets. Stay alert!
Recent sharp declines have brought Bitcoin's price closer to the 61.8% Fibonacci retracement level (57,799 USD), which is derived from the rebound from the 2022 bear market low to the 2025 bull market high.
This Fibonacci level is often called the "Golden Ratio" and is widely regarded as a key turning point for trend strengthening or reversal, making it an important zone for assessing the strength of a correction and potential entry points.
Therefore, if this level is broken, selling pressure could intensify.