- Bitcoin falls beneath $104K amid heavy ETF outflows.
- Key resistance at $106K–$107K amid rebound makes an attempt.
- Whale promoting is on the rise as retail buys surge.
Bitcoin (BTC) has began June on the again foot, dipping beneath $104,000 to a low of $103,833.57 on June 2 as traders react to a contemporary wave of ETF outflows and technical uncertainty.
Regardless of closing Could with its highest month-to-month shut ever close to $105,700, the market temper has shortly shifted, pushed by indicators of distribution from whales and institutional sellers.
Bitcoin ETF outflows outweigh inflows
The six-week streak of inflows into US spot Bitcoin ETFs got here to an abrupt finish on Could 30, when funds collectively recorded a staggering $616.22 million in outflows in keeping with Coinglass data.
This reversal marks a pointy deviation from earlier weeks, the place ETF flows had bolstered the bullish narrative and contributed to Bitcoin’s 11% month-to-month acquire.
BlackRock’s IBIT, the most important fund within the cohort, leads the exit with $430.82 million in withdrawals, regardless that it nonetheless maintains over $69 billion in property below administration.
Constancy’s FBTC and ARK 21Shares’ ARKB comply with swimsuit with $113.71 million and $120.14 million in outflows, respectively, underscoring the broad-based nature of the sell-off.
Though the overall cumulative inflows throughout all ETFs stay constructive at $44.37 billion, the sudden withdrawal means that traders are actually appearing cautiously amid rising macroeconomic and technical dangers.
Bitcoin worth pullback
On the worth charts, Bitcoin’s current pullback from $109,000 to $103,833 has introduced it beneath the 0.786 Fibonacci retracement of the rally to its all-time excessive of $112,000.
That dip mirrored heavy profit-taking into the tip of Could, exacerbated by the rising affect of bearish technical patterns such because the dying cross on the 4-hour chart.
Throughout Monday’s European session, BTC briefly rebounded to $105,500 however shortly stalled close to $105,800 — a zone that mixes the 0.618 Fibonacci degree with the 100 EMA, forming a essential confluence of resistance.
Whereas the 20 EMA has been reclaimed, the worth continues to wrestle beneath the 50 EMA at $106,000, reinforcing the view that bulls face an uphill process in regaining upward momentum.
If Bitcoin fails to interrupt by way of the resistance between $106,000 and $107,000, the draw back stress may intensify, probably dragging the asset again to the current low close to $103,200.
Including to the volatility is James Wynn, the controversial high-leverage dealer who as soon as once more opened a $100 million BTC lengthy at 40X leverage on Hyperliquid, with a liquidation worth precariously shut at $101,999.
Simply these for now
Hoping BTC pulls decrease however i don’t see it pic.twitter.com/wd9751v27t
— James Wynn (@JamesWynnReal) May 30, 2025
Wynn’s repeated makes an attempt to go lengthy on BTC haven’t solely resulted in substantial floating losses however have additionally fueled wider speculation-driven exercise on the Hyperliquid platform.
After one other failed try by the market to liquidate him, Wynn has introduced that he has determined to provide perp buying and selling a break, additional amplifying issues of exaggerated leverage out there.
I’ve determined to provide perp buying and selling a break.
Thanks @HyperliquidX on your hospitality. Your service, impeccable. Your platform beautiful.
Its been a enjoyable experience. Approx $4m into $100m after which again right down to a complete account lack of $17,500,000.
The time has come for me to…
— James Wynn (@JamesWynnReal) June 2, 2025
On-chain metrics are sending diverging indicators
In the meantime, on-chain metrics present a divergence in behaviour between whales and retail merchants, with giant holders lowering publicity steadily since BTC crossed $81,000.
Retail members, against this, are displaying indicators of shopping for the highest, a dynamic that traditionally aligns with durations of short-term market corrections.
Santiment flagged elevated whale exercise across the Could 22 peak, noting that related previous patterns sometimes sign native tops slightly than sustainable breakouts.
Although Bitcoin stays up 11% over the previous month, relative power index (RSI) indicators have turned bearish, flashing clear divergence as worth makes an attempt to recuperate above key resistance zones.
On the identical time, broader macro situations proceed to forged a shadow, with merchants watching carefully for indicators from the Federal Reserve amid slowing job development and cooling inflation.
The falling US Greenback Index may present a short-term tailwind for Bitcoin, however analysts stay divided on whether or not present ranges characterize a springboard for a contemporary rally or a prelude to additional losses.
Knowledge from Glassnode’s MVRV ratio reveals BTC is buying and selling between essential bands that traditionally precede native tops, with the +1σ degree close to $119,400 appearing as a psychological ceiling for a lot of profit-takers.
Whereas some merchants anticipate a bounce from the $100K assist to as excessive as $113K, the chance of a deeper correction continues to dominate sentiment throughout each spot and by-product markets.
As June unfolds, all eyes will stay mounted on ETF flows, macro indicators, and whether or not Bitcoin can decisively reclaim the $106,000–$107,000 band to keep away from slipping additional into bearish territory.
