Bitcoin Slumps 14% to $64K on ETF Outflows, Mt. Gox Sale Pressure
1h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
bitcoincrypto-etf
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Bitcoin dropped approximately 14% over the past week, falling to a price near $62,000 as reported on June 4, 2026. The decline was driven by significant outflows from US spot Bitcoin ETFs, the commencement of distributions to creditors from the defunct Mt. Gox exchange, and a risk-off shift in broader macroeconomic sentiment. As of 14:08 UTC today, Bitcoin trades at $64,162, down 3.82% over the last 24 hours, with a market capitalization of $1.28 trillion and 24-hour trading volume of $68.55 billion, reflecting heightened market activity.
The current correction is the most significant since March 2024, when Bitcoin retreated over 17% from its then-all-time high amid similar concerns over ETF flow sustainability. The crypto market is navigating a challenging macro backdrop, with rising oil prices and renewed strength in the US Dollar Index contributing to a cautious environment for speculative assets. The catalyst chain for this sell-off is twofold: persistent net outflows from the suite of US spot Bitcoin ETFs, which began in late May, coincided with official confirmation that the Mt. Gox rehabilitation trustee would begin repaying creditors in Bitcoin and Bitcoin Cash, creating a known overhang of potential sell-side pressure.
The Mt. Gox event represents a unique supply shock, as the trustee controls a substantial cache of Bitcoin acquired a decade ago. This selling pressure is not discretionary but part of a mandated process, differentiating it from typical investor behavior. The convergence of this structural selling with a weakening demand picture from the dominant ETF vehicle has created a pronounced imbalance. This dynamic is testing the resilience of the institutional investment thesis that has driven the market since the ETF approvals in January 2024.
The week-long decline saw Bitcoin fall from approximately $72,000 to a low near $62,000, a drop of roughly 14%. Data from the US spot Bitcoin ETFs reveal a stark reversal from earlier inflows. Over the past week, these funds witnessed net outflows exceeding $4.2 billion, erasing a significant portion of the inflows recorded in the second quarter. The Grayscale Bitcoin Trust (GBTC), a persistent source of outflows since its conversion to an ETF, accounted for a substantial portion, but outflows were broad-based across multiple issuers.
| Metric | Value | Change (24h) |
|---|---|---|
| BTC Price | $64,162 | -3.82% |
| BTC Market Cap | $1.28T | - |
| BTC 24h Volume | $68.55B | - |
The selling pressure extended across the crypto market. NEAR Protocol (NEAR), for instance, saw a 24-hour decline of 21.43%, trading at $2.39. This underperformance relative to Bitcoin highlights a flight to relative safety within the digital asset space during periods of stress. The Crypto Fear & Greed Index, a popular sentiment gauge, has plunged into "Fear" territory, a sharp reversal from the "Extreme Greed" levels seen just a month prior.
The immediate second-order effect is underperformance for crypto-centric equities. Publicly traded mining companies like Marathon Digital (MARA) and Riot Platforms (RIOT), whose valuations are highly correlated to Bitcoin's price and network activity, are likely to see amplified losses. Similarly, exchanges and brokerages with significant crypto revenue exposure, such as Coinbase (COIN), face pressure from reduced retail trading volumes and transaction fees. The sell-off may benefit traditional safe-haven assets, with some capital potentially rotating into gold or short-duration Treasury bills.
A key counter-argument to a sustained bearish trend is the underlying network health. Bitcoin's hash rate remains near all-time highs, indicating strong security and miner commitment despite falling prices. This fundamental strength could provide a base if macro headwinds subside. Current market positioning data from derivatives exchanges shows a rapid unwinding of leveraged long positions, which, while contributing to the downturn, also serves to de-risk the market by clearing out excess speculation. The flow is demonstrably moving towards cash or stablecoins as investors seek to preserve capital.
The immediate catalyst is the ongoing distribution process from the Mt. Gox trustee; the market will monitor blockchain data for signs of these coins being moved to exchanges for sale. The next major macroeconomic signal is the US Non-Farm Payrolls report on June 6, 2026, which will heavily influence expectations for the Federal Reserve's interest rate path. The subsequent FOMC meeting on June 18 will be critical for confirming whether the current hawkish shift in sentiment is warranted.
From a technical perspective, traders are watching the $60,000 psychological level and the 200-day moving average, currently around $58,000, as crucial support zones. A decisive break below these levels could trigger another leg down. On the upside, reclaiming the $67,000 level, which acted as support in May, would be the first sign of stabilization. Monitoring the ETF flow data daily is essential; a return to consistent net inflows would signal that institutional demand is re-engaging.
The Mt. Gox rehabilitation trustee is distributing approximately 142,000 Bitcoin and 143,000 Bitcoin Cash to creditors, concluding a decade-long legal process. While not all recipients will sell immediately, the market anticipates a material increase in selling pressure as creditors look to liquidate assets acquired at a negligible cost basis. This creates a known supply overhang that weighs on market sentiment and can lead to downward price pressure, especially when combined with other negative catalysts like ETF outflows.
The US spot Bitcoin ETFs experienced a similar period of outflows in April 2024, lasting roughly two weeks and totaling around $1.2 billion. The current outflow cycle is larger in scale, exceeding $4.2 billion, indicating a more significant shift in institutional sentiment. Historically, outflow periods have been followed by consolidation and, eventually, a resumption of inflows as prices find a equilibrium level that attracts new buyers, but the duration and magnitude of this cycle are being closely watched.
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