Bitcoin traded at around $61,100 on June 9. The cryptocurrency posted a weekly loss of nearly 10 percent as persistent outflows from US spot Bitcoin ETFs and sales by large wallet holders kept downward pressure on the price. According to the market maker Wintermute, the recent pullback has more to do with US institutional investors trimming their positions than with retail panic.
ETF outflows take center stage
Data from Wintermute indicates that US spot Bitcoin ETFs have logged their longest-ever streak of outflows as of the end of May. By May 30, total net outflows had hit around $2.97 billion. The firm noted that, with no new inflows on the horizon, price direction is now largely tied to these capital movements.
Wintermute said there is limited room for maneuver in the market as previous support has faded, and at this stage, fund flows are the core factor driving direction.
According to analysts, Bitcoin did not form a strong support zone between $50,000 and $59,000 during its 2024 rally. As a result, traders are focusing less on clear technical levels and monitoring ETF inflows and liquidity conditions more closely.
Bitcoin remains more than 50 percent below its October 2025 peak above $126,000. The company now known as Strategy sold 32 BTC for the first time since 2022. While Strategy downplayed the significance of the sale, it caught market attention as ETF outflows continue. Strategy, formerly MicroStrategy, is a US-based software firm known for its large Bitcoin holdings.
| Indicator | Data |
|---|---|
| Bitcoin price | Around $61,100 |
| Weekly change | 10 percent drop |
| US spot ETF net outflow | $2.97 billion as of May 30 |
| October 2025 peak | Above $126,000 |
Macroeconomic data added to the pressure. In May, US nonfarm payrolls rose by 172,000, far exceeding expectations of around 80,000. April figures were also revised upward to 179,000. This strong jobs data boosted bond yields and dampened hopes that the US Federal Reserve would cut rates in the near term.
CZ calls for calm as big wallets pull back
Binance founder Changpeng Zhao urged investors to stay calm after the market drop. Zhao said Bitcoin would not stay “dead” for long and advised against panic. His message came at a time when ETF outflows persisted and sentiment in derivatives markets grew weaker.
Changpeng Zhao emphasized that the pullback might not signal a lasting breakdown, suggesting there is no need for panic regarding Bitcoin.
Data from Santiment showed a growing divide between smaller and larger investors over the past two weeks. Wallets holding less than 0.01 BTC increased their balances by 0.36 percent, while those with holdings between 10 and 10,000 BTC trimmed their positions by 0.20 percent. Santiment noted that lasting bottoms often form after retail investors capitulate—a pattern not yet visible in the current market climate.
While some long-term investors are said to be buying at current levels, on-chain data does not yet show the kind of strong whale accumulation seen at cycle bottoms in the past. Consequently, short-term Bitcoin price direction is expected to be shaped by ETF flows and shifts in wallet distribution.
