Bitcoin (BTC) is trading near $61,000 on Wednesday, clinging close to a recent cycle low as persistent exchange-traded fund outflows, mounting geopolitical risk, and capital rotation into artificial intelligence-linked assets leave the market searching for a floor.
Ether (ETH) is faring no better, changing hands below $1,630 amid the broad crypto market doldrums, The Block’s price page shows.
U.S. spot Bitcoin ETFs logged $77.4 million in net outflows on June 9, their third consecutive day of negative flows, according to SoSoValue. Similarly, U.S. spot Ethereum ETFs shed $40.9 million on the same day, with the Grayscale Ethereum Trust ETF leading redemptions at $17.4 million.
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The latest outflow streak comes amid broader weakness in institutional demand.
