SoSoValue

Bitcoin

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<p>Bitcoin traded near $58,700 as ETF selling, weak U.S. demand and a break below long-term support kept pressure on BTC.</p>
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   <li>Bitcoin trades below $59,000 after U.S. spot ETF outflows reached $4.5 billion in June.</li>
   <li>BTC’s weekly close below the 200-week average raised focus on $58,000 and $50,000 support.</li>
   <li>CryptoQuant data shows weak U.S. demand, but long-term holders and whales continued accumulating Bitcoin.</li>
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<p>Bitcoin traded near $58,690 at press time, down about 1.2% over the latest session, according to crypto.news market <a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">data</a>. BTC moved between an intraday low of $57,891 and a high of $59,447, keeping the market close to the $58,000 support zone that traders have watched through June.</p>
<p>Meanwhile, the latest price action followed a weak monthly close for Bitcoin. BTC ended June in the red after falling from around $74,000 to near $58,000. June was not only a price decline, but also a shift in market structure as ETF demand, Coinbase Premium and apparent demand weakened at the same time.</p>
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<p>The decline has brought BTC back to levels last seen during earlier stress periods. A loss of the $58,000 zone would keep sellers in control and could bring the next major area near $50,000 into view. A recovery attempt would need to reclaim higher moving averages before traders can treat the move as more than a short bounce.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-etf-outflows-deepen-june-pressure-strong"><strong>Bitcoin ETF outflows deepen June pressure</strong></h2>
<p>U.S. spot Bitcoin ETFs recorded about $4.5 billion in net outflows in June, marking their worst month since launch in January 2024, <a href="https://sosovalue.com/assets/etf/Total_Crypto_Spot_ETF_Fund_Flow?page=usBTC" rel="noopener noreferrer nofollow">according</a> to SoSoValue data. The funds also posted $222.6 million in net outflows on June 30, extending a nine-day losing streak.</p>
<figure class="wp-block-image size-large"><img width="1024" height="249" src="https://media.crypto.news/2026/07/image-1-1024x249.webp" alt="Bitcoin spot ETF net inflow, source: SoSoValue">
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  Bitcoin spot ETF net inflow, source: SoSoValue
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<p>BlackRock’s IBIT accounted for the largest share of June withdrawals, with about $3.55 billion leaving the fund during the month. The combined June outflow passed the previous monthly record of $3.48 billion set in February 2025 by about 29%.</p>
<p>U.S. spot Bitcoin ETFs had already <a href="https://crypto.news/bitcoin-etf-13-day-outflow-streak/" rel="noopener noreferrer nofollow">seen a record 13-day outflow streak</a> from May 15 to June 3, with about $4.37 billion leaving the products. That earlier selloff showed how ETF flows had become one of the main drivers of Bitcoin price action in 2026.</p>
<p>Traders had already been watching ETF flows, <a href="https://crypto.news/bitcoin-price-steadies-near-64k-as-traders-watch-etf-outflows-and-hormuz-risk/" rel="noopener noreferrer nofollow">geopolitical risk</a> and the $62,000 level in late June. The move below that area now shifts attention to whether BTC can defend $58,000 or if the market starts testing lower support.</p>
<h2 class="wp-block-heading" id="strong-200-week-moving-average-breaks-strong"><strong>200-week moving average breaks</strong></h2>
<p>Bitcoin also closed below its 200-week moving average for the first time since 2023, according to a <a href="https://x.com/Barchart/status/2072005714843754506" rel="noopener noreferrer nofollow">Barchart post on X</a>. The 200-week moving average is widely watched because past breakdowns below it have often appeared near deep cycle lows or long accumulation phases.</p>
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  https://twitter.com/Barchart/status/2072005714843754506
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<p>Earlier in June, $60,000 had become an important psychological and technical level for BTC. A convincing break below that zone could push traders to watch $50,000, which is close to Bitcoin’s August 2024 low near $49,445.</p>
<p>Bitcoin would need to regain the 30-day and 200-day moving averages to turn sentiment more positive. Those levels were far above spot price during the June selloff, showing how much work bulls face before the chart structure improves.</p>
<p>Some traders still view the break as a possible long-term entry point. But the short-term structure remains weak while Bitcoin trades below major averages and below its former support zone. The market now needs stronger spot demand to stop the decline from extending.</p>
<h2 class="wp-block-heading" id="strong-analysts-split-on-correction-depth-strong"><strong>Analysts split on correction depth</strong></h2>
<p>“If this ends up holding then those who called it a mid-cycle correction will be vindicated,” analyst Matthew Hyland said in a post on X. He argued that Bitcoin’s current decline looks closer to the 2019 and 2021 mid-cycle corrections than deeper bear markets such as 2014, 2018 and 2022.</p>
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   <p><a href="https://x.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a><br><br>If this ends up holding than those who called it a mid-cycle correction will be vindicated<br><br>At this point in every Bear Market BTC reached 70%+ corrections<br><br>The current decline in terms of percent is the same as those in 2019 &amp; 2021 which were considered mid-cycle… <a href="https://t.co/YbJHgfhpuN" rel="noopener noreferrer nofollow">pic.twitter.com/YbJHgfhpuN</a></p>— Matthew Hyland (@MatthewHyland_) <a href="https://x.com/MatthewHyland_/status/2072056215148876011?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 30, 2026</a>
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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“BTC has barely seen any massive liquidation events this cycle, relative to its last cycle,” Daan Crypto Trades said on X.&nbsp;</p>
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<p>He <a href="https://x.com/DaanCrypto/status/2072047771956162587?s=20" rel="noopener noreferrer nofollow">said</a> lower open interest and lower speculation helped make this cycle’s moves slower and more controlled than the 2021 run.</p>
<p>“Bitcoin has officially dropped to new lows for the year of 2026,” Rekt Capital said on X. He <a href="https://x.com/rektcapital/status/2072000543422071069?s=20" rel="noopener noreferrer nofollow">noted</a> that BTC had deviated about 16% below its 2021 all-time high, moving closer to the 22% deviation below the 2017 high seen during the 2022 bear market.</p>
<p>CryptoQuant’s XWIN Japan <a href="https://cryptoquant.com/ko/insights/quicktake/6a442e03718c636ace57b62e-June-2026-in-Review-Bitcoins-Toughest-Month-Was-About-More-Than-Price-Declines" rel="noopener noreferrer nofollow">said</a> June showed two sides of the market. The Coinbase Premium Index stayed negative, showing weak U.S. institutional spot demand, while apparent demand stayed deeply negative. At the same time, long-term holders kept holding, and whale accumulation remained resilient despite short-term panic selling.</p>
<p>Moreover, as reported by crypto.news, <a href="https://crypto.news/spacex-bitcoin-trojan-horse-18712-btc-ipo/" rel="noopener noreferrer nofollow">SpaceX disclosed 18,712 BTC</a> in its filing, but the IPO’s $75 billion raise also competed for risk capital. That means the listing may have helped Bitcoin’s long-term corporate-treasury story while draining some near-term market liquidity.</p>
<p>That mix leaves Bitcoin at a key decision point. ETF flows, Coinbase Premium, apparent demand and liquidity now matter more than price alone. A rebound in these indicators could support a base near current levels. Without that shift, BTC may remain exposed to further downside below $58,000.</p>
<p>Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.</p>
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Bitcoin price falls below $59K as June ETF outflows hit record $4.5B

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