I just looked at the outflows from US-based Bitcoin spot ETF funds and saw a rather bleak picture. About $2.6 billion has been withdrawn this year, marking a complete reversal from last year when $4.3 billion flowed in. The $6.9 billion difference between these two periods is not a small figure.

Bitcoin is currently under continuous selling pressure, with the risk of recording a fifth consecutive month of decline. The market is focused around the $58,000 level as an important support, while $60,000 is considered a broader defensive line. If it breaks below $58,000, the risk could extend further. Macroeconomic pressures are not helping either — expectations of more certain interest rate hikes combined with inflation uncertainties have reduced the risk appetite of institutional investors.

Everything depends on whether the outflows from ETFs will continue. Some believe this is just a rebalancing rather than a true withdrawal, but the trend remains a variable to watch. If capital flows normalize and spot demand stabilizes, selling pressure could ease at higher levels above $50,000, roughly equivalent to 1.5 billion VND for those calculating in local currency.

Currently, Bitcoin is trading at $66,630 with a 24-hour volume of around $728 million. This data is just context; the market is still waiting to see if the underlying transactions will be unlocked. If the gap between spot and futures continues to tighten, those positions could be liquidated, adding more downward pressure.