Spot bitcoin exchange-traded funds in the United States posted $1.72 billion in net outflows last week, marking the largest weekly withdrawal since February 2025, according to SoSoValue data. Outflows persisted through most of the week, with a brief pause on Thursday when funds recorded a modest $3 million inflow.
BlackRock’s bitcoin ETF, the largest by assets, accounted for the majority of the withdrawals, logging $1.34 billion in outflows — its steepest decline since launching in January 2024. The latest figures extend a broader downward trend that began in May, when total monthly outflows reached $2.43 billion.
Strong US jobs data shifts rate expectations
The pullback is closely tied to shifting macroeconomic expectations following a stronger-than-anticipated US jobs report. May 2026 non-farm payrolls showed the economy added 172,000 jobs, far exceeding forecasts of 85,000.
The data reduced expectations for near-term interest rate cuts and pushed Treasury yields higher, with the 10-year yield rising to around 4.58%. As yields climbed, traders rotated toward income-generating assets such as government bonds, weighing on bitcoin and related investment products.
A resilient labor market has reinforced expectations that the Federal Reserve will maintain its current policy stance longer than previously anticipated, dampening the appeal of non-yielding assets like bitcoin.
Global markets decline alongside digital assets
The sell-off extended beyond digital assets into broader financial markets. Asian equities moved sharply lower, reflecting growing uncertainty.
South Korea’s Kospi fell 8.2%, Japan’s Nikkei 225 dropped 4.5%, and Taiwan’s TAIEX declined 3.5%, underscoring a wider risk-off sentiment across global markets.
Bitcoin rebounds slightly after sharp drop
Bitcoin prices showed signs of stabilization over the weekend, briefly rising to $64,000 before settling near $63,000. The move followed a roughly 15% decline in the previous week.
Market observers attributed the rebound to oversold conditions. The Relative Strength Index had fallen into oversold territory, while the Fear and Greed Index dropped to 8, signaling extreme fear among traders.
Despite the short-term bounce, selling pressure remains dominant, and price momentum continues to lean downward.
Focus turns to flows and inflation data
Market participants are closely monitoring daily ETF flow data, which has become a key driver of bitcoin price action. A sustained recovery may depend on a slowdown or reversal in fund outflows.
Upcoming inflation reports are also expected to play a critical role in shaping expectations around Federal Reserve policy. Persistently strong data could reinforce the current higher-rate outlook, while weaker readings may revive hopes for monetary easing.
Failure to hold the $60,000 support level could expose bitcoin to further downside, with the next potential support zone around $55,000.
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