Record outflows from American spot funds coincide with collapsing institutional interest during US trading hours
Bitcoin fell toward $61,000 on June 24, marking a roughly 16% decline for the month as US spot Bitcoin ETF redemptions reached $6.35 billion over the past 30 days. Galaxy Research identified this as the largest outflow across 582 rolling 30-day periods analyzed by the firm, signaling a structural shift in American institutional demand.
The weakness is concentrated during US trading sessions. Bitcoin’s cumulative return during American trading hours over the past month stood at -15%, according to data from Velo. “A strategy that held Bitcoin only during those hours would therefore have recorded a 15% loss, indicating that the US session has become a source of selling pressure rather than support,” the analysis noted.
The Coinbase Premium Index remained negative at -0.13, a sign that US buyers are unwilling to pay more than offshore traders. This metric fell to a low of -0.25 in late February 2026, reflecting sustained weakness in domestic purchasing power relative to global markets.
Liquidation Risk Concentrates Below $60,000
Leveraged positions create additional downside pressure. João Wedson, Chief Executive of Alphractal, identified $57,300 as a significant liquidation level after examining 30 exchanges. Deribit options data shows $1.1 billion in derivatives positions concentrated at $60,000, with an additional $1.4 billion stacked across $50,000 and $55,000 strikes.
CryptoQuant’s liquidation oscillator stood at 18.4%, up sharply from a -13% reading in mid-May. The metric indicates that long positions account for a larger share of forced closures, a pattern consistent with overleveraged bullish bets unwinding.
The Net Taker Volume Oscillator, which measures buying versus selling aggression, fell to -0.9% in early June before returning to zero, signaling balanced trading rather than buyer dominance. The metric had climbed to 1.7% in mid-May, suggesting the window of sustained institutional buying has closed.
Policy Support Insufficient to Offset Flows
Despite a supportive policy environment from the Trump administration toward the cryptocurrency industry over the past year, domestic capital continues to exit Bitcoin positions. Block Scholes’ Bitcoin risk-appetite indicator moved closer to the -1.0 threshold associated with weak risk appetite, reinforcing the broader bearish sentiment.
Analysts caution that ETF redemptions do not necessarily indicate all investors turned bearish, and that options positions do not establish all represent outright bearish bets. Positions may hedge existing holdings or generate income. However, the combination of record outflows, negative US premium indices, and concentrated liquidation levels below $60,000 creates a technical setup vulnerable to further selling if support breaks.
