TL;DR
Token Metrics technicals read bearish as US spot Bitcoin ETFs recorded $397 million in net outflows on Wednesday. This extended their longest-ever streak of daily withdrawals to 13 trading days. The total outflow since May 15 has reached $4.4 billion as Bitcoin dropped about 21% to around $63,400. Token Metrics technicals read bearish, with BTC trading in the middle of its range and momentum running weak.
Context
US-listed spot Bitcoin exchange-traded funds are in their worst stretch since launching in January 2024. The funds posted $396.6 million in net outflows on June 4, bringing the 13-day total to roughly $4.4 billion, according to data from SoSoValue. This streak breaks the previous record of eight consecutive outflow days set in February 2025, when about $3.2 billion left the funds. The current downturn has coincided with a sharp Bitcoin price decline from about $80,000 on May 15 to around $63,400 by early June. A drop of roughly 21%. Several factors have contributed to the selling pressure. Weakening ETF demand is apparent in the daily flow numbers. Long-term Bitcoin holders have been distributing coins. Miners facing revenue pressure have also been selling. CryptoQuant head of research Julio Moreno noted that overall demand has dropped by about 501,000 BTC over the past month. Marking the fastest monthly decline since May 2022. This contraction resembles the demand crunch seen after the Terra/Luna collapse in 2022. Industry analysts are divided on the root causes. Bloomberg ETF analyst Eric Balchunas pointed to long-term institutional buyers like ETFs and Strategy remaining net accumulators despite the price pressure. He suggested that “the OGs” — early Bitcoin whales — might be behind the selling. CryptoQuant founder Ki Young Ju argued the selling reflects a broader transfer of supply from early holders to US institutions. Potentially strengthening long-term demand. Meanwhile, some market participants have highlighted derivatives positioning and exchange activity as amplifying volatility. Limited on-chain selling suggests leverage and liquidations may be driving moves rather than pure spot market weakness.
BlackRock’s iShares Bitcoin Trust (IBIT) has been the primary source of outflows during this streak. IBIT recorded about $3.3 billion in withdrawals, representing roughly 75% of total outflows, according to Farside Investors. Fidelity’s FBTC followed with $456.6 million in outflows, while Grayscale’s GBTC saw $303.6 million in redemptions. Over the past 30 days, US spot Bitcoin ETFs have shed 51,726 BTC, or nearly $5 billion in value, based on WalletPilot data. Despite these outflows, Standard Chartered’s Geoffrey Kendrick noted that ETF holdings have remained broadly stable since February, suggesting structural resilience. However, he acknowledged that recent corporate selling, including Strategy’s 32 BTC sale, has reinforced bearish sentiment in the short term.
What Token Metrics Data Shows
Data as of June 4, 2026. Token Metrics technicals on Bitcoin read bearish despite a recent trend indicator turning slightly bullish. The token is trading sideways inside its recent range, with momentum sitting weak but not stretched. Volatility is running moderate, suggesting the market is pricing in some uncertainty but not expecting extreme moves. First support sits near $56,400, with next resistance around $76,800. The bearish technical bias aligns with the ongoing ETF outflow streak. Which has seen smart money distribute roughly $4.4 billion over the past 13 days. Bitcoin is trading near $63,800, down about 5% on the day and off roughly 13% over the past week. Polymarket traders see very low odds of a June recovery. The market for Bitcoin ending June above $72,000 is priced near 0.2%, while the contract for Bitcoin hitting $92,500 this month sits near 0.7%. Token Metrics Daily Pulse flagged this story as a main market item yesterday, reflecting its significance to broader market sentiment. The combination of technical weakness. Sustained ETF outflows and low probability of near-term recovery suggests Bitcoin remains in a consolidation phase with downside risk.
What’s New
The latest outflow data confirms that US spot Bitcoin ETFs are experiencing their most prolonged period of investor withdrawals. This period started after their January 2024 launch. Wednesday’s $396.6 million net outflow extended the streak to 13 trading days, totaling $4.4 billion in redemptions since May 15. This surpasses the previous eight-day record from February 2025, when $3.2 billion left the funds. The sustained outflows have coincided with Bitcoin’s price decline from about $80,000 to around $63,400, a 21% drop. BlackRock’s IBIT has been the primary driver, accounting for $3.3 billion of the total outflows during this period. Fidelity’s FBTC and Grayscale’s GBTC have also contributed significantly with $456.6 million and $303.6 million in outflows respectively. The outflows reflect broader market weakness, with analysts pointing to multiple factors including weakening ETF demand, long-term holder selling, and miner capitulation. Despite the negative sentiment. Some analysts note that institutional demand remains structurally intact with ETF holdings stable since February according to Standard Chartered.
What to Watch
• Daily ETF flow data for signs that the 13-day outflow streak is ending. A day of net inflows could signal a shift in sentiment.
• Bitcoin’s ability to hold the $56,400 support level identified by Token Metrics technicals. A break below could accelerate selling.
• Polymarket probabilities for June price targets. A rise above 5% for the $72,000 contract would indicate growing bullish sentiment.
• On-chain metrics for long-term holder behavior. Decreased selling pressure from this cohort could support prices.
• Miner revenue and selling patterns. Reduced miner stress could ease one source of market supply.
This article is for informational purposes only and does not constitute financial advice.
