Bitcoin is back above $63,000, but what happened last week in exchange-traded funds (ETFs) calls for caution.
As the price fell toward $60,000, the 11 U.S. cash ETFs saw $1.72 billion in net outflows, marking a third straight week of accelerated redemptions. This occurred on a total weekly volume of just $18.43 billion, according to SoSovalue data.
Compare that with the first week of February, when bitcoin suffered a similar crash to $60,000. At the time, outflows were only $318 million, but total weekly volume was $46.15 billion, a clear sign of panic and capitulation, reflecting a hotly contested market with active participation from both bulls and bears.
This was not the case last week, when capital outflows accelerated amid moderate trading volume. This combination suggests a steady exodus rather than the shock-induced capitulation that typically marks local troughs.
As such, the sustainability of Bitcoin’s rebound is questionable. A dramatic resurgence in ETF demand may be necessary to put the price on a convincing upward trajectory.
That likelihood appears low, as looming initial stock sales from SpaceX and Anthropic, two of the biggest IPOs in history, could continue to suck liquidity from broader markets, including crypto.
Additionally, this week’s US inflation data for May, which is expected to show the cost of living has risen above 4%, could increase volatility in bonds and the financial market as a whole. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today. For a full list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
What is the trend
Signal of the day
The chart shows weekly Bitcoin price fluctuations in candlestick form since 2023.
The recent collapse pushed BTC closer to the 61.8% Fibonacci retracement level ($57,799) defined by the rally from the 2022 bear market low to the 2025 bull market high.
This Fibonacci level, often referred to as the “golden ratio”, is widely considered a key inflection point where trends strengthen or reverse, making it a critical area for assessing pullback strength and potential entry opportunities.
The sell-off will therefore likely worsen if this level is exceeded.
