Bitcoin is trading near $64,000 while U.S. spot bitcoin ETFs experience their sixth consecutive week of net outflows, according to CoinDesk pricing data. The outflows signal persistent institutional caution even as geopolitical tensions have eased.
ETF selling has moderated from earlier levels, but fresh institutional buying has not materialized. Simon-Peter Massabni, head of business development at XS.com, said the market is “balanced between supportive and restrictive forces.” He added that “Bitcoin will likely hold a $60,000 to $67,000 range in the near term.”
The Federal Reserve’s cautious message following its June meeting dampened expectations for near-term rate cuts, weighing on risk appetite. The Dollar Index strengthened to a range of 100.6 to 100.8 after the Fed’s announcement, while Treasury yields remained elevated. Both factors typically pressure Bitcoin, which trades inversely to dollar strength and high real yields.
A temporary boost came from easing geopolitical tension following a U.S.-Iran deal, providing short-term support to broader risk sentiment. However, Massabni’s assessment suggests the reprieve is fragile. A sustainable recovery would require more time for accumulation, a return of ETF inflows, and renewed institutional demand.
The six-week outflow streak reflects a broader shift in institutional positioning. Only sparse days of positive flows have interrupted the selling, indicating that large holders remain hesitant to add exposure at current price levels. The pattern underscores how sensitive Bitcoin remains to macro conditions and Fed policy expectations, even as spot ETFs have established themselves as a primary vehicle for institutional participation.
