Bitcoin Rebounds to $63,000, but $3.4 Billion in ETF Outflows Continues to Weigh on the Crypto Market
Bitcoin Rebounds Above $63,000, but $3.4 Billion ETF Outflows Continue to Weigh on Sentiment
Bitcoin climbed back above the $63,000 level on Monday after successfully defending a key support zone. However, market sentiment remains under pressure as spot Bitcoin ETFs recorded approximately $3.4 billion in net outflows over the past few weeks.
At the latest update, Bitcoin was trading around $62,914.
According to Riya Sehgal, Research Analyst at Delta Exchange, Bitcoin is attempting to recover after holding the critical psychological support range between $59,000 and $60,000. She noted that ETF flows remain the market’s biggest concern, with spot Bitcoin ETFs experiencing roughly $3.4 billion in net outflows between May 20 and June 5.
Sehgal added that stronger-than-expected U.S. jobs data has renewed concerns that interest rates may remain elevated for longer. At the same time, investor risk appetite has been shifting toward artificial intelligence (AI)-related themes and high-profile IPO narratives such as SpaceX. As a result, AI-linked crypto tokens have outperformed the broader crypto market, while overall sentiment across the digital asset sector remains fragile.
Meanwhile, the WazirX Market Desk stated that Bitcoin is trading near $63,041 and continues to face pressure as it remains below several key moving averages. However, oversold technical conditions, dip-buying activity, and ongoing long-term accumulation by investors are keeping hopes of a recovery alive.
Ethereum is trading around $1,684, with short-term momentum still appearing weak. Despite this, a recent $55.8 million ETH purchase by a whale investor highlights continued accumulation interest in the second-largest cryptocurrency.
Market Outlook
Vikram Subburaj, CEO of Giottus, said Bitcoin showed signs of stabilization on June 8 after experiencing one of its sharpest corrections of the year. The leading cryptocurrency traded near $63,100 after briefly falling below $61,200 during the previous session. While the market has recovered somewhat in recent days, Bitcoin remains well below its early June levels, indicating that investors are still cautious.
Akshat Siddhant, Lead Quant Analyst at Mudrex, noted that Bitcoin has stabilized around the $63,000 level after rebounding from a recent low of $59,100. He explained that stronger U.S. employment data reinforced expectations that the Federal Reserve may maintain restrictive monetary policies for a longer period, putting pressure on risk assets such as cryptocurrencies.
Avinash Shekhar, Co-Founder and CEO of Pi42, said Bitcoin’s sharp correction below the $60,000 mark reflects growing market caution amid macroeconomic uncertainty, shifting liquidity conditions, and profit-taking following an extended rally. He added that such pullbacks are common in digital asset markets and often help reset excessive leverage and speculative positioning before the next market move.
