Bitcoin Falls Below $62,000 as ETF Outflows Accelerate, June 10

Bitcoin fell to $61,673.66 on June 10, down 2.76% as institutional selling accelerated. U.S. spot Bitcoin ETFs recorded 13 consecutive days of net outflows totaling $4.4 billion through early June. The crash reflects record fund redemptions, a major corporate sale, and macro headwinds that have wiped out half the cryptocurrency’s value since October 2025.

Institutional Exodus Drives Record Outflows

Bitcoin ETF outflows hit $4.4 billion over 13 consecutive days from May 15 to June 3, the longest losing streak since these products launched in January 2024. BlackRock’s iShares Bitcoin Trust (IBIT) shed $440.3 million on June 1 alone, followed by another $342.3 million on June 3. The selling finally paused on June 4 when IBIT recorded a $47.66 million inflow, but the damage to investor confidence persists. These outflows signal that institutions are actively reducing Bitcoin exposure despite the asset’s long-term narrative.

Corporate Selling Breaks Long-Term Hold Pattern

Strategy sold 32 BTC for approximately $2.5 million between May 26 and May 31 to fund preferred stock dividends, marking its first Bitcoin sale since 2022. While the sale represents less than 0.004% of the company’s 843,706 BTC treasury, it shattered Michael Saylor’s “never sell” narrative that had anchored bullish sentiment. The move signaled to markets that even long-term holders may prioritize liquidity over accumulation during downturns. Macro headwinds including sticky inflation, fading Federal Reserve rate cut expectations, and geopolitical tensions have pushed investors toward risk-off positioning.

Technical Weakness Points to Further Decline

Bitcoin’s technical indicators show severe oversold conditions. The Relative Strength Index (RSI) sits at 28.16, indicating oversold territory. The Moving Average Convergence Divergence (MACD) reads -3531.99 with a histogram of -1659.87, signaling downward momentum. Meyka’s stock grade for Bitcoin is C+, suggesting a HOLD rating. The 50-day moving average at $75,591.87 sits well above the current price, acting as resistance. One analyst predicts Bitcoin could bottom near $46,000 in October 2026 before recovering toward $100,000 by December.

Long-Term Forecasts Clash With Near-Term Pain

Despite current weakness, one analyst predicts Bitcoin will reach $250,000 before the next halving in April 2028, representing a 290% gain from current levels. The bull case rests on unchanged fundamentals: the network operates normally, hash rates remain near all-time highs, and trillions in annual transaction volume flow through Bitcoin. Institutional developments like Morgan Stanley’s spot Bitcoin ETF, which launched in early April with $235 million in assets, and Block’s Bitcoin payment acceptance show financial services warming to the asset. Meyka’s 12-month price target is $97,867.61, implying 59% upside from current levels, though near-term volatility remains elevated.

Final Thoughts

Bitcoin faces a critical test as institutional outflows and corporate selling pressure the price lower. With Meyka rating BTC a C+ and targeting $97,867.61 in 12 months, the risk-reward tilts toward patient buyers if the $46,000 support holds.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.