Bitcoin Fails to Hold $60K, ETFs Continue Pressuring Market

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The global crypto market cap decreased by 0.4% in the past 24 hours, standing at $2.15 trillion at the time of writing (Monday, noon UTC). Today’s weakness is mainly being driven by significant ETF outflows, liquidations around the $60,000 Bitcoin level, and the overall weaker institutional sentiment.

Bitcoin falls below $59,000

Bitcoin is down 0.4% since this time yesterday, and it’s currently trading at $59,897. It’s trying to reclaim the $60,000 but keeps returning to the $59,000 zone and even dipping below it. The weekend was entirely spent in this very small range.

The lowest point it hit in the past day is $58,935, and the coin’s intraday high was just $60,643. It’s also down 6.4% in a week, 18.4% in a month, and 45% in a year.

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As most investors and traders are aware, crypto is currently dealing with technical selling and liquidations. Bitcoin hovering around this psychologically important $60,000 level has triggered concern among traders, and this subsequently resulted in leveraged positions being unwound. All this is amplifying downside moves.

The risk-off macro environment is a major contributor to this overall downside, as markets are still adjusting to expectations that U.S. interest rates could stay raised for longer. A stronger dollar and tighter financial conditions are weighing on sentiment.

ETFs bleed, pushing the prices down

The biggest factor pressuring crypto prices is ongoing ETF outflows. Spot Bitcoin and Ethereum ETFs have been losing capital for weeks, and this is lowering the very same institutional demand that contributed to fueling the past rally. Large redemptions tend to weaken sentiment and create more selling pressure.

On Friday, BTC ETFs let go of another $444.51 million, following the $696.29 million it said goodbye to by the end of the trading day on Thursday. The entire Friday’s outflow amount belonged to BlackRock alone.

ETH spot ETFs posted $12.85 million in outflows, with again the entire amount belonging to BlackRock.

Meanwhile, of the top 10 coins, despite the overall drop, only one is down: Tron (TRX) fell 0.7% to $0.3217, while the highest increase is Solana (SOL)’s 3.2% to the price of $73.75. It’s followed by Hyperliquid (HYPE)’s 2.2% to $64.17.

The rest are down 1% or less. Ethereum (ETH) appreciated just 0.4%, now trading at $1,581.

At the same time, about 40 of the 100 coins saw their prices decrease in 24 hours by the time of writing.