Bitcoin hovers near $61,000 as ETF outflows extend to 4 straight sessions

Bitcoin is trading in a tight range near $61,000 as spot exchange-traded funds continue to record net outflows.

As of 7:50 a.m. Thursday, Bitcoin stood at $61,403, down 0.56 percent from the previous day, according to CoinMarketCap. The cryptocurrency had climbed to around $64,000 on June 9 before reversing course and drifting back toward the $61,000 level. Its weekly return stood at minus 5.41 percent.

Institutional money has now exited for four consecutive trading days. The 13 US-listed Bitcoin spot ETFs recorded net outflows from June 5 through June 10, shedding a combined $564.9 million. That follows a record 13 consecutive trading days of net outflows — totaling $4.34 billion — from May 15 through June 3, a brief reversal to net inflows of $3.2 million on June 4, and then a renewed wave of selling.

The renewed outflows reflect a risk-off mood triggered by escalating US-Iran military tensions. US Central Command said Wednesday it had launched military operations against Iran for a second consecutive day, striking multiple targets inside the country. CENTCOM said in a statement posted on social media that it had "initiated additional strikes on multiple targets inside Iran in self-defense at the direction of President Donald Trump." Bitcoin is facing downward pressure as the prolonged US-Iran conflict stokes inflation fears, fueling expectations of interest rate hikes and a stronger dollar.

Sentiment was further dented after Strategy, the publicly traded company with the largest Bitcoin holdings, sold 32 Bitcoin. The Crypto Fear & Greed Index stood at 14 on Thursday. The index runs from 0 to 100, with lower readings indicating weaker investor sentiment; scores between 0 and 20 are considered the "extreme fear" zone. The index has remained in that zone every day from June 4 through June 8.

Hong Jin-hyeon, a researcher at Samsung Securities, said the sell-off by Strategy was small relative to its total holdings, but that it rattled the "never sell" narrative that had long underpinned the market, dragging down major cryptocurrencies and the share prices of related listed companies. "Investor sentiment has contracted sharply, but the market structure remains intact," he said. He added that it was "a time to selectively examine opportunities arising from institutionalization and changes in financial infrastructure, rather than focusing on short-term price swings."