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Bitcoin Holds Support Despite Heavy ETF Outflows

Spot Bitcoin ETFs saw $1.79 billion in outflows last week, while traders are using puts to hedge around $55,000 to $58,000. Ethereum ETFs also stayed under pressure.

By Mike Hesp
• 2 min read
Bitcoin Holds Support Despite Heavy ETF Outflows

Key Takeaways

  • Bitcoin is still holding near $60,000, keeping an important support zone intact even after $1.79 billion in outflows from U.S. spot Bitcoin ETFs.
  • Spot Ethereum ETFs saw $273 million in outflows, while spot XRP ETFs and spot Hyperliquid ETFs attracted inflows.
  • Traders are adding more downside protection as rate expectations and tighter liquidity continue to weigh on risk sentiment.

Bitcoin is still trading around $60,000 (€52,600), and that has kept a major support level in place even as U.S. spot Bitcoin ETFs recorded $1.79 billion (€1.6 billion) in outflows last week. The broader backdrop is also turning less friendly for risk assets, with traders once again pricing in a potentially tighter rate path from the Federal Reserve.

ETF Flows Stay Under Pressure

The latest outflows from spot Bitcoin ETFs add to a more cautious tone among institutional investors. Earlier this month, the market already saw an even larger weekly withdrawal, underscoring how quickly sentiment can swing in 2026 when macro concerns start to build.

Ethereum had a weak week as well. According to SoSoValue, spot Ethereum ETFs posted $273 million (€239 million) in outflows, extending their streak to seven straight weeks of net redemptions. A few other products moved in the opposite direction, though: spot XRP ETFs brought in $22.99 million (€20.2 million), and spot Hyperliquid ETFs added $111 million (€97.4 million) in inflows.

Options Point to Defense

The options market shows traders are still leaning defensive. According to QCP Capital, demand for downside protection has picked up, especially in BTC puts with strikes between $55,000 (€48,200) and $58,000 (€50,900) and expirations running into July. Risk reversals also remain heavily skewed toward puts, which points to continued caution at current price levels.

There has also been some interest in BTC call options with a $64,000 (€56,100) strike and a July 17 expiration. That does not mean traders are broadly expecting a rebound, but it does show that some market participants are still leaving room for a move higher from here.

The Fed and Liquidity Are Driving the Picture

Most of the pressure is coming from shifting rate expectations. Markets are now pricing in almost 1.5 additional Fed hikes, compared with two rate cuts that were expected before the conflict in the Middle East. Analysts at Laser Digital say that move may have gone too far, unless the Fed wants to push harder on policy to reassert its inflation credibility.

For European crypto readers, the takeaway is that Bitcoin is increasingly trading like other risk assets, with rates, liquidity, and institutional flows driving the move. A shortened U.S. trading week and upcoming macro data could keep the market especially sensitive over the next few days to any fresh shift in rate expectations. The recent weakness also fits into a wider market slump, where record outflows from spot Bitcoin ETFs have added more pressure to institutional demand.

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