The crypto market faced intense pressure on Friday after breaking the $BTC $60,000 level, amid a sell-off from investors and ongoing negative flows from ETF funds.
๐ Key Developments:
๐ป $BTC Dropped to its lowest level since October 2024.
๐ธ Bitcoin ETF funds recorded 13 consecutive trading sessions of outflows.
๐ Total withdrawals reached $4.4 billion since May 15.
๐ฆ BlackRock's IBIT fund accounted for $3.3 billion of these outflows.
๐ Fidelity's FBTC fund recorded withdrawals of $456 million.
โก What's happening behind the scenes?
๐ Whale activity has surged significantly.
๐น 8,200 BTC were deposited on Binance on June 2.
๐น An additional 6,400 BTC were deposited on June 4.
The rise in US bond yields and the increasing shift of investors towards lower-risk assets contributed to the pressure on the crypto market.