Bitcoin Risks Slide Toward $30,000 as Institutions Dump BTC

Since the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs in January 2024, products from BlackRock, Fidelity and others have become key channels for institutional flows into and out of Bitcoin. With the price returning to $60,000, ETF flows are an important gauge of whether the market can absorb selling pressure and hold that level.

Bitcoin briefly returned to around $60,000 on June 7. According to SoSoValue, the 11 U.S. spot ETFs recorded net outflows of $1.72 billion from June 1 to June 5, their largest weekly redemption in more than a year and far above the $318 million withdrawn in the first week of February. By June 30, the ETFs had reduced their holdings by about 71,600 BTC during the month, while corporate treasuries bought just 7,500 BTC, creating a supply overhang of about $4.4 billion.

The 11 U.S.-listed spot Bitcoin ETFs have become an important gateway for institutional capital entering the crypto market, and their flows are also viewed as an indicator of price support. ETF redemptions, aggressive selling in spot and futures markets, and demand for options hedges are now rising in tandem, suggesting the correction may be more than a pullback after a rally.

Bitcoin fell about 6% from $82,000 to $76,800 and dropped below $77,000 again on May 22. SoSoValue data showed that the 11 ETFs had recorded more than $1.5 billion in outflows since May 7, including $648 million on May 18 alone. Glassnode said spot cumulative volume delta, or CVD, had fallen to negative $126.2 million, with key support at $74,000–$76,000.

Adding Bitcoin to corporate balance sheets was expected to create long-term buying demand. However, a Capriole Investments indicator tracking net purchases and sales by public companies has recorded net selling for three consecutive weeks for the first time. Coin Bureau analyst Nic Puckrin warned that BTC could revisit bear-market lows unless new demand emerges, though the unwinding of leverage and speculative positions could also help reset the market’s structure.

As of February 23, 2026, BTC was consolidating at around $66,000. Cango’s holdings fell from 8,095 BTC on February 8 to 3,644 BTC, worth $246 million. Genius Group reduced its holdings from 180 BTC on February 5 to 84 BTC, worth $5.6 million, while Bitdeer sold its entire 943-BTC position. U.S. spot Bitcoin ETFs also recorded net outflows for five consecutive weeks, totaling about $2.6 billion in 2026.