Bitcoin Falls to 2-Year Low, Nears 51% Drawdown Amid US Spot Bitcoin ETF Outflows
Bitcoin traded at two-year lows on June 9, leaving the token nearly 51% below its peak, while Ether was at four-year lows. Both remained below key moving averages and were not responding to oversold conditions, underscoring the weakness across major digital assets.
The slump extends a slide tied to persistent withdrawals from US spot Bitcoin exchange-traded funds, which earlier market data showed had shed nearly $5 billion since mid-May, including about $1.3 billion over the latest seven days. Bitfinex analysts said the market was in distribution, with rallies being sold rather than bought, while pressure on technology stocks was also seen as a headwind.
From the sources (18 posts)
@steve_hankeYesterday, Bitcoin fell below the KEY RESISTANCE LEVEL of $60,000. That's the lowest level since October 2024. BITCOIN = A HIGHLY SPECULATIVE ASSET WITH ZERO FUNDAMENTAL VALUE.
@coingeckoDespite dumping over 18% this week, Bitcoin is still the #14th biggest global asset by market cap.
@drjstrategyAh yes, peak institutional genius: record BTC ETF outflows dumping the scarce, under-owned asset (market cap ~1/4 of NVDA) at 2026 lows… just to chase AI stocks that already went full parabolic. Nothing says “optimized rebalancing” like se
@kalshiRT @Kalshi_Crypto: BREAKING: Our traders forecast Bitcoin will crash to $40,000 this year
@cointelegraph🚨 UPDATE: Crypto Fear & Greed Index dropped further to 8 (Extreme Fear) today, down from 12 yesterday.
@theblockcoSpot bitcoin ETFs log $1.7 billion in weekly outflows, largest since February 2025
@coinmarketcapLATEST: 📊 Bitcoin and Ethereum faced their worst weekly losses since the FTX collapse, wiping $390B from the crypto market as $7B in leveraged positions were liquidated.
@cointelegraph🚨 ALERT: Crypto Fear & Greed drops to 8, deep in Extreme Fear territory.
@theblockcoUS Bitcoin ETFs log further outflows, though analyst sees signs of easing selling pressure
@theblockco'Stuck in distribution': Bitcoin slips below $63,000 as analysts warn rallies are being sold, not bought
@theblockcoRT @JeSuisNaga: Bitcoin is back below $63,000 after Monday's brief bounce ran out of steam. Bitfinex analysts says the market is "stuck in…
@coindeskANALYSIS: Bitcoin's bounce from below $60K is a relief rally, not a regime shift, analysts say $BTC needs to reclaim $79K - $80K to signal a new advance. Wednesday's CPI print and ETF flows are key near-term catalysts.
@coinmarketcapLATEST: 📊 Bitcoin is once again trading below $63,000, with Bitfinex analysts saying ETF outflows remain the key pressure point.
@wublockchainWintermute Says No Clear Signs of Capital Returning, Market Bottom Yet to Be Confirmed Wintermute said the recent BTC decline was driven mainly by U.S. institutional selling and ETF outflows rather than Strategy’s sale of 32 BTC. The fir
@coinmarketcapLATEST: 📊 US spot Bitcoin ETFs have shed nearly $5B since mid-May, though four funds posted net inflows on June 8 as Ethereum ETFs gained $82.4M the same day.
@lookonchainJune 9 Update: #Bitcoin ETFs: 1D NetFlow: -2,172 $BTC(-$133.46M)🔴 7D NetFlow: -21,207 $BTC(-$1.3B)🔴 #Ethereum ETFs: 1D NetFlow: +32,722 $ETH(+$47.84M)🟢 7D NetFlow: -42,341 $ETH(-$61.9M)🔴
@lizthomasstratCrypto woes: Bitcoin is at 2-year lows and Ethereum is at 4-year lows. Both are stuck below key moving averages and are not responding to oversold conditions. Tech under pressure is also not helping.
@kevrgordonMax drawdown for #Bitcoin now approaching -51%