Bitcoin Seen at Risk of Slipping to $60K After $174M Spot ETF Outflows

U.S. spot Bitcoin ETFs posted heavy redemptions on Wednesday, with net outflows totaling $173.7 million, according to Farside Investors data. The pullback in institutional demand coincided with renewed downside pressure in Bitcoin, which slid toward the $66,000 area as broader markets moved into risk-off mode. BlackRock's iShares Bitcoin Trust (IBIT) led the day's withdrawals, shedding $86.5 million. Fidelity's FBTC followed with $78.6 million in outflows. Smaller net redemptions were also recorded across Bitwise Asset Management and ARK Invest products. ETF flows had already turned negative last week, with roughly $296 million withdrawn after four consecutive weeks of inflows. While this week still shows a small net inflow overall, the magnitude of the single-session outflow points to softening institutional conviction. Bitcoin remained under pressure on Thursday, trading below $67,000 after failing to hold the $69,000–$70,000 zone. That area had previously acted as support and is now being treated as resistance. Market analyst Ted Pillows said on X that the $65,000–$66,000 band is now the key level to watch, warning that a break could open the door to a fresh downside low. His chart points to a tightening trading range, with Bitcoin compressed between roughly $66,000 and $72,000. The setup implies two paths: a relief move toward $72,000–$80,000, or a deeper slide into the $60,000–$62,000 zone if support near $65,000 gives way. Prediction market positioning also leans bearish in the near term. Polymarket data implies about a 70% probability that Bitcoin falls to $60,000 before reaching $80,000 by 2026. The weakness came as geopolitical concerns weighed on risk assets following comments by Donald Trump about increased military operations in the Middle East. U.S. equities sold off, with the S&P 500 down roughly 0.8% to 1.1% during the session. Gold also declined, falling about 3% to 3.6%, as higher oil prices and a firmer U.S. dollar pressured the metal. Bitcoin tracked the risk-off tone, briefly dipping to around $66,250 before stabilizing near $66,380. The move marked a roughly 3% daily decline and triggered heavy liquidations across crypto derivatives, with more than $454.20 million wiped out over the past 24 hours. Macro risks remain elevated. Oil jumped above $100 a barrel amid the Middle East tensions, stoking inflation concerns and expectations of tighter financial conditions. Fewer tankers are transiting the Strait of Hormuz and insurance costs are rising, adding to market unease.