The BTC price is declining more each day as the bear market tightens its grip on the crypto market. Last week, Bitcoin plummeted below $60,000 for the first time since October 2024, marking a new low for this cycle. While overall market sentiment has weighed heavily on the cryptocurrency, several other key factors are driving the recent declines. The decline in Spot Bitcoin ETFs has put additional pressure on BTC, while ongoing geopolitical tensions have heightened investor uncertainty. If these pressures fail to ease soon, Bitcoin could face further losses, with analysts warning of a steeper decline toward $50,000.
BTC Price Crashes As ETFs See A String Of Outflows
Bitcoin has fallen more than 18% over the past 14 days, according to CMC data, marking a staggering loss of value for the blue-chip cryptocurrency. BTC is currently trading above $62,000 after its recent crash toward $59,000 last week, signaling a short-term rebound. Despite the slight recovery, bearish conditions still weigh heavily on the price, with the market showing no clear signs of a rebound.
Notably, one of the major drivers of the ongoing BTC decline is the massive outflows observed by Spot Bitcoin ETFs. As of June 3, 2026, Bitcoin ETFs have recorded their 13th consecutive outflow, marking the longest red streak in their entire history. The extent of this decline shows how bearish the market has become and how cautious investors still are.
SoSoValue reports that from May 15 to June 3, US Bitcoin Spot ETFs bled heavily, recording staggering outflows of more than $4.37 billion in less than two weeks. Interestingly, Bitcoin ETFs ended the record 13-day streak on June 5 with a slim $3.05 million net inflow. However, the gains did not carry over to the next day, as the ETFs saw an even steeper outflow of $325.69 million on June 5. This indicates that investors are inherently fearful, especially as the market remains uncertain about BTC’s next price direction.
IBIT Dominates Bitcoin ETF Outflows
BlackRock’s IBIT, the largest spot Bitcoin ETF, has been the clear leader driving the massive ETF outflows. IBIT accounted for roughly $3.3 billion of the $4.37 billion in outflows, about 75% of the total over 13 days. Fidelity’s Wise Origin Bitcoin Fund came in second with $456 million in outflows over the streak. Meanwhile, Grayscale’s GBTC logged $303 million in outflows, which is significant but still far behind the other two products.
Overall, BlackRock’s dominance in the Bitcoin ETF market means it also bears the brunt when institutions pull back. Grayscale’s GBTC, which has been bleeding assets since its trust conversion due to its higher 1.5% fee, was actually a relatively minor contributor this time around. This long string of outflows has been the major driver behind BTC’s latest price declines.
Featured image created with Dall.E, chart from Tradingview.com
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