Bitcoin Faces ETF Outflows and Whale Selling, With $53,000 Key Support, Bitfinex Says

The $60,000 level is more than a psychological round-number threshold. Deribit Chief Commercial Officer Jean-David Péquignot said most ETF buyers, whales and short-term traders who entered the market over the past year have cost bases between $60,000 and $67,000. The strike also has $1.2 billion in open put interest, and a break below it could force market makers to sell for hedging purposes and trigger leveraged liquidations.

U.S. spot Bitcoin ETFs recorded net inflows of $3.05 million on June 5, ending a 13-day streak of outflows totaling $4.4 billion. BlackRock's IBIT attracted $47.66 million. Ether ETFs took in $19.3 million, all through ETHA, ending a 17-day outflow streak. Bitcoin fell as low as $59,060 on June 24, leaving support on uncertain footing.

Bitfinex said U.S. spot Bitcoin ETFs have become the crypto market's main source of incremental capital, with subscriptions and redemptions directly affecting prices and liquidity. Meanwhile, energy shocks have fueled inflation concerns and depressed consumer confidence, making labor-market resilience a critical backstop for global demand and economic growth.

In its latest market report in July 2026, Bitfinex said geopolitical turmoil had prompted Bitcoin to retest its opening price for the month, while near-term direction remained driven by ETF flows. The report did not disclose the net inflow for any single day, but stressed that robust employment continued to cushion the broader economy from declining consumer confidence as energy prices and inflation risks increased.

Bitcoin remains under bear-market pressure, though 10x Research says its decline is gradually slowing. Stronger ETF inflows, compressed volatility and easing selling pressure suggest near-term momentum is beginning to stabilize. Those signals, however, are not yet sufficient to demonstrate a structural reversal, leaving investors exposed to further declines.

As of July 20, 2026, 10x Research identified $62,500 as a key support level for Bitcoin. Holding above it could lay the groundwork for a subsequent rebound. Analysts said several recent indicators have improved, but Bitcoin has not yet formally broken out of its bear-market structure and needs further confirmation from price action and fund flows.