Bitcoin’s comeback to the $60,000 mark has highlighted a stark change in institutional investor behaviour, reigniting debate over whether the world’s largest cryptocurrency is entering a prolonged consolidation or gearing up for its next great surge.
The recent drop has sparked some of the greatest institutional pullbacks since spot bitcoin exchange-traded funds (ETFs) began trading in the United States, unlike the severe correction in February when investors mostly saw the sell-off as a buying opportunity.
Bitcoin was trading at $63,386.73 on Monday afternoon, according to data from Binance, after briefly dropping to near the psychologically crucial $60,000 support level, adding to losses from late May highs above $78,000. The cryptocurrency has now lost around a third of its value since the beginning of 2026, making it one of its worst years in more than a decade.
So Value data revealed net outflows of US$1.72 billion from US-listed spot Bitcoin ETFs in the first week of June, one of the largest weekly withdrawals on record. The exodus is a stark contrast to investor conduct in February, when Bitcoin last traded near $60,000, and ETF outflows slowed to around $318 million despite the price dip.
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