Bitcoin is trading near $60,000 again, but the response from institutional investors has completely flipped. In February, when BTC last hit this level, selling slowed and buyers stepped in. This time, ETF outflows are accelerating-indicating a far more bearish stance.
The 11 U.S.-listed spot bitcoin ETFs just saw a record $1.72 billion in net outflows last week, the largest single-week redemption in over a year. For context, when Bitcoin first crashed to $60,000 in early February, those same funds saw only $318 million in outflows.
The trend is unmistakable: Outflows have grown for four straight weeks, climbing from $1 billion in mid-May to $1.72 billion now. In February, the pattern was the opposite-high outflows before the drop, then a slowdown as the price fell. Today, institutions are pulling money faster with each passing week, and there is no sign of a bottom-buying bid.
This suggests the $60,000 support level may be fragile. Bitcoin is currently trading near $62,000.