bitcoin is back above $63,000, but what happened in exchange-traded funds (ETFs) last week suggests a note of caution.
As the price fell towards $60,000, the 11 US spot ETFs recorded $1.72 billion in net outflows, marking the third consecutive week of accelerated redemptions. This occurred with a total weekly volume of just $18.43 billion, according to data from SoSovalue.
Compare that to the first week of February, when bitcoin suffered a similar drop to $60,000. At the time, capital outflows were only $318 million, but total weekly volume was $46.15 billion, a clear sign of panic and capitulation, reflecting a fiercely contested market with active participation from both bulls and bears.
That was not the case last week, when capital outflows accelerated amid subdued trading volume. The combination suggests a steady exodus rather than the shock-driven capitulation that typically marks local lows.
As such, the sustainability of bitcoin’s rebound is questionable. A dramatic resurgence in ETF demand could be necessary to put the price on a compelling upward trajectory.
That probability appears low, as the impending initial stock sales of SpaceX and Anthropic, two of the largest IPOs in history, could continue to suck liquidity from broader markets, including cryptocurrencies.
Additionally, this week’s US inflation data for May, which is expected to show the cost of living increased above 4%, could increase volatility in both bonds and the broader financial market. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today. For a complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
What is trend?
Today’s sign
The chart shows weekly bitcoin price swings in candlestick format since 2023.
The recent crash has 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 called the “golden ratio,” is widely considered a key inflection point where trends strengthen or reverse, making it a critical zone to assess the strength of the pullback and potential entry opportunities.
Therefore, the sell-off is likely to worsen if this level is breached.
