Cryptocurrency prices fell sharply early Tuesday, with Bitcoin (BTC) dropping below $68,000 following a 3% dip.
Most other coins also turned red, Ethereum (ETH) retreating to below $3,600. BNB dropped the most in the top ten by market cap, shedding more than 7% to $615.
Solana, XRP, Dogecoin and Toncoin also declined 2-3% as the total crypto market cap shrunk 3% to $2.6 trillion.
Spot ETFs record net outflows of $65 million
The US spot Bitcoin ETF market recorded total net outflows of approximately $65 million on June 10, snapping a 19-day streak of net inflows.
Grayscale’s GBTC saw a single-day outflow of $39.5 million, while Fidelity’s FBTC hit outflows of $3 million and Invesco Galaxy’s BTCO recorded $20.5 million in outflows.
Also witnessing an outflow was Valkyrie’s ETF BRRR, which recorded -$15.8 million. Meanwhile, Bitwise ETF BITB and BlackRock’s IBIT saw minor inflows of $7.5 million and $6.3 million respectively.
Despite the outflows, the spot ETF sector remains on an uptrend in terms of total inflows.
As of June 10, the cumulative spot ETF net inflow stood at $15.6 billion, with total value traded at $1.1 billion. Notably, data shows total net assets have reached $61.4 billion.
Analyst points to BTC miner capitulation
As Bitcoin’s price sharply dropped from highs above $71k on Monday, total liquidations reached $167 million in the past 24 hours.
Coinglass data shows that most of the liquidated traders in the past 24 hours were longs. During this period, the market saw $143 million in long positions rekt, while short liquidations hovered at $23.8 million.
Despite the outlook, sentiment remains upbeat across the market. Bitcoin analyst Willy Woo says BTC price will rebound, but the short term perspective is that the market has to shake out weak hands first.
Woo pointed to the latest price decline as coinciding with a “rare miner capitulation.”
“Bitcoin undergoing a rare miner capitulation. This one is from the halvening event, culling weak miners. As they die, they dump BTC, price rebounds afterwards. But first we need to purge the degen open interest in futures bets. Liquidations need to happen before a pump,” he posted on X.
Elsewhere, analysts at Bitfinex said in a report on Monday that while BTC remains resilient, traders might want to keep an eye on the macro environment.
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