Bitcoin Slides 13% in Worst Week Since February, June 04

Bitcoin fell 13% this week to trade at $63,625.83 USD, marking its worst week since February. ETF outflows have now hit 13 consecutive days, the longest streak since these products launched. Capital is rotating away from crypto toward semiconductor stocks and the upcoming SpaceX IPO, leaving bitcoin vulnerable to further downside pressure.

ETF Outflows Hit Record Streak

Bitcoin ETFs registered their 13th consecutive day of net outflows, draining $25 billion from the funds. Total assets fell to $82.8 billion from $107.8 billion on May 14. Citi analyst Alex Saunders said ETF flows explain approximately 45% of weekly return variation, making them the best vehicle for tracking investor adoption. Without fresh inflows, bitcoin remains vulnerable to sharp price moves driven by trading flows rather than fundamental demand.

Narrative Collapse Triggers Capital Rotation

Bitcoin’s key catalyst for renewed interest, the crypto market structure bill known as the Clarity Act, is drifting further out of reach as legislative priorities shift. Traders are reassessing what should drive the next cycle. Capital is moving toward AI stocks and the SpaceX IPO, which targets a record $75 billion raise with a $1.29 billion bitcoin treasury. Citi expects sentiment to remain weak absent positive regulatory news or fiscal concerns around stablecoins.

Supply in Loss Signals Capitulation

More than 50% of bitcoin in circulation now sits on unrealized losses as BTC tests historically significant bear market support levels. This metric has marked every bear market bottom in bitcoin’s history. Meyka rates bitcoin at C+ with a 12-month price target of $97,867.61 USD, suggesting limited upside from current levels. The RSI sits at 24.47, indicating oversold conditions, while the Stochastic oscillator at 3.76 shows extreme weakness.

Corporate Selling Adds Pressure

Strategy, Michael Saylor’s company, sold 32 BTC for about $2.5 million this week, marking its first bitcoin sale since 2022. This corporate selling signals weakening conviction among institutional holders. Bitcoin ETF outflows extended as investors reassess holdings amid the narrative vacuum. Bitcoin’s market cap stands at $1.27 trillion despite the week’s losses.

Final Thoughts

Bitcoin’s 13% weekly drop reflects a structural shift in capital flows, not a collapse in risk appetite. With Meyka rating it C+ and targeting $97,867.61 over 12 months, the downside appears limited if ETF inflows resume.

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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.