Bitcoin Falls Near $61,100 as Whales, ETFs Weigh Market

Bitcoin traded around $61,100 on June 9 after falling roughly 10% over the prior week. Binance founder Changpeng Zhao wrote to followers: “Bitcoin won’t be ‘dead’ for too long. Don’t panic.” The price is more than 50% below its October 2025 peak above $126,000.

Trading firm Wintermute pointed to U.S. institutional selling and consecutive spot ETF outflows as primary drivers of the decline, rather than a coordinated retail sell-off. Spot Bitcoin ETFs recorded their longest streak of net outflows, approaching $2.97 billion through May 30 and extending across multiple trading days.

Wintermute also noted limited technical support in the current $50,000–$59,000 band because Bitcoin did not spend significant time there during its earlier rise. The firm said that, with prior support absent, trading flows are the main factor setting short-term direction.

MicroStrategy sold 32 BTC, its first disposal since 2022; the company described the sale as immaterial in size. Market participants noted the transaction as a visible example of supply coming to market amid the broader redemptions and institutional trimming.

Broader economic data added pressure. The U.S. economy added 172,000 jobs in May, more than double the roughly 80,000 economists had forecast, and April payrolls were revised up. Stronger job gains reduced near-term expectations for Federal Reserve rate cuts and coincided with a rise in yields, prompting some institutions to reduce crypto exposure.

On-chain analytics showed differing behavior by wallet size. Santiment reported that wallets holding less than 0.01 BTC increased their combined balance by about 0.36% over two weeks, while wallets holding between 10 and 10,000 BTC trimmed holdings by roughly 0.20%. Santiment added that past durable bottoms often coincided with widespread retail capitulation, which is not evident in current data.

A subset of long-term investors has added small positions at these levels, but analysts say the pattern is not the same as the intense whale buying seen at prior cycle lows. With ETF flows still negative and a mixed macro outlook ahead of the U.S. midterm elections, market participants are watching whether large wallets return as buyers or whether smaller holders will support any rebound.