- Bitcoin falls below $104K amid heavy ETF outflows.
- Key resistance at $106K–$107K amid rebound makes an attempt.
- Whale promoting is on the rise as retail buys surge.
Bitcoin (BTC) has began June on the again foot, dipping below $104,000 to a low of $103,833.57 on June 2 as buyers react to a contemporary wave of ETF outflows and technical uncertainty.
Despite closing May with its highest month-to-month shut ever close to $105,700, the market temper has rapidly shifted, pushed by indicators of distribution from whales and institutional sellers.
Bitcoin ETF outflows outweigh inflows
The six-week streak of inflows into US spot Bitcoin ETFs got here to an abrupt finish on May 30, when funds collectively recorded a staggering $616.22 million in outflows in line with Coinglass data.
This reversal marks a pointy deviation from earlier weeks, the place ETF flows had bolstered the bullish narrative and contributed to Bitcoin’s 11% month-to-month achieve.
BlackRock’s IBIT, the biggest fund within the cohort, leads the exit with $430.82 million in withdrawals, though it nonetheless maintains over $69 billion in property underneath administration.
Fidelity’s FBTC and ARK 21Shares’ ARKB observe swimsuit with $113.71 million and $120.14 million in outflows, respectively, underscoring the broad-based nature of the sell-off.
Although the entire cumulative inflows throughout all ETFs stay optimistic at $44.37 billion, the sudden withdrawal means that buyers at the moment are performing cautiously amid rising macroeconomic and technical dangers.
Bitcoin value pullback
On the worth charts, Bitcoin’s current pullback from $109,000 to $103,833 has introduced it below the 0.786 Fibonacci retracement of the rally to its all-time excessive of $112,000.
That dip mirrored heavy profit-taking into the tip of May, exacerbated by the rising affect of bearish technical patterns such because the demise cross on the 4-hour chart.
During Monday’s European session, BTC briefly rebounded to $105,500 however rapidly stalled close to $105,800 — a zone that mixes the 0.618 Fibonacci degree with the 100 EMA, forming a essential confluence of resistance.
While the 20 EMA has been reclaimed, the worth continues to wrestle beneath the 50 EMA at $106,000, reinforcing the view that bulls face an uphill activity in regaining upward momentum.
If Bitcoin fails to interrupt by means of the resistance between $106,000 and $107,000, the draw back strain may intensify, probably dragging the asset again to the current low close to $103,200.
Adding to the volatility is James Wynn, the controversial high-leverage dealer who as soon as once more opened a $100 million BTC lengthy at 40X leverage on Hyperliquid, with a liquidation value precariously shut at $101,999.
Just these for now
Hoping BTC pulls decrease however i don’t see it pic.twitter.com/wd9751v27t
— James Wynn (@JamesWynnActual) May 30, 2025
Wynn’s repeated makes an attempt to go lengthy on BTC haven’t solely led to substantial floating losses however have additionally fueled wider speculation-driven exercise on the Hyperliquid platform.
After one other failed try by the market to liquidate him, Wynn has introduced that he has determined to offer perp buying and selling a break, additional amplifying considerations of exaggerated leverage available in the market.
I’ve determined to offer perp buying and selling a break.
Thank you @HyperliquidX to your hospitality. Your service, impeccable. Your platform beautiful.
Its been a enjoyable trip. Approx $4m into $100m after which again all the way down to a complete account lack of $17,500,000.
The time has come for me to…
— James Wynn (@JamesWynnActual) June 2, 2025
On-chain metrics are sending diverging indicators
Meanwhile, on-chain metrics present a divergence in behaviour between whales and retail merchants, with giant holders lowering publicity steadily since BTC crossed $81,000.
Retail individuals, in contrast, are exhibiting indicators of shopping for the highest, a dynamic that traditionally aligns with durations of short-term market corrections.
Santiment flagged elevated whale exercise across the May 22 peak, noting that related previous patterns sometimes sign native tops relatively than sustainable breakouts.
Even although Bitcoin stays up 11% over the previous month, relative power index (RSI) indicators have turned bearish, flashing clear divergence as value makes an attempt to recuperate above key resistance zones.
At the identical time, broader macro situations proceed to solid a shadow, with merchants watching intently for indicators from the Federal Reserve amid slowing job progress and cooling inflation.
The falling US Dollar Index may present a short-term tailwind for Bitcoin, however analysts stay divided on whether or not present ranges signify a springboard for a contemporary rally or a prelude to additional losses.
Data from Glassnode’s MVRV ratio exhibits BTC is buying and selling between essential bands that traditionally precede native tops, with the +1σ degree close to $119,400 performing as a psychological ceiling for a lot of profit-takers.
While some merchants anticipate a bounce from the $100K assist to as excessive as $113K, the danger of a deeper correction continues to dominate sentiment throughout each spot and spinoff markets.
As June unfolds, all eyes will stay fastened on ETF flows, macro indicators, and whether or not Bitcoin can decisively reclaim the $106,000–$107,000 band to keep away from slipping additional into bearish territory.
