NEW YORK, June 26, 2026 – Bitcoin traded near the $60,000 mark on Friday, recovering from an intraday low of $58,319 to reach $60,033, up $891 on the session. The day's high touched $60,621. However, market participants focused less on the spot price and more on the composition of selling pressure in the ETF space.
Data from Farside Investors reveals that U.S. spot bitcoin ETFs recorded $691.7 million in net outflows on June 25, following $469.0 million the previous day. Notably, BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) accounted for $900.3 million of the total $1.16 billion two-day outflow, representing over 78% of the total. This marks a shift from earlier patterns where Grayscale products dominated ETF selling. Now, the funds that had been leading spot demand are seeing the largest redemptions.
IBIT experienced $265.7 million in outflows on June 25, after $239.3 million the prior day. FBTC saw $274.5 million exit on June 25, following $120.8 million the day before. This rotation has turned the $60,000 level into a critical demand test, as the primary new-money vehicles become sources of supply, forcing bitcoin to find cash buyers rather than relying on short covering.
The derivatives market adds another layer of complexity. The June 26 quarterly options expiry featured $10.6 billion in open interest, with approximately 80% out of the money, according to The Block, citing Bitfinex and Deribit data. The gamma flip was estimated around $68,000-$70,000, while a $450 million put wall stood at $60,000. Jeff Ko, chief analyst at CoinEx, told The Block that the key question is whether bitcoin can reclaim $60,000 quickly. Andri Fauzan Adziima, research lead at Bitrue Research Institute, noted that volatility remains elevated until a clearer catalyst emerges. Dominick John of Zeus Research added that the market is closely watching spot ETF flows and derivative positioning.
Macroeconomic data provided little relief. The U.S. Bureau of Economic Analysis reported on June 25 that the PCE price index rose to 4.1% in May from 3.8% in April, with core PCE increasing to 3.4% from 3.3%. This persistent inflation keeps rate pressure on risk assets, including cryptocurrencies.
The selloff has weighed on crypto-exposed equities. Strategy Inc (NASDAQ:MSTR), which holds approximately 844,000 bitcoin at an average price of just under $75,600, according to CoinDesk, faces a paper loss exceeding $13 billion with bitcoin around $60,000.
Despite the pressure, Gabe Selby, head of research at CF Benchmarks, told CoinDesk that the $50,000-$60,000 range has historically attracted buyers. "This is where buyers step in," Selby said. Traders will watch Friday's flow data after the U.S. close to determine whether the move toward $60,000 brought fresh capital back to IBIT and FBTC or merely offered existing holders an exit opportunity.
