BTC Dragged Down by ETF Outflows
Bitcoin continued to move weakly around the psychological level of US$60,000 on Monday (June 29th). The BTC price was recorded at around US$59,609, with a daily high of US$60,632 and a low of US$58,933. This movement indicates that the crypto market is still struggling to emerge from pressure, even though global risk sentiment has begun to improve slightly.
The main pressure came from outflows from spot Bitcoin ETFs in the United States. SoSoValue data shows that US spot Bitcoin ETFs recorded daily outflows of around US$444.51 million as of June 26th, while their total net assets stood at US$72.82 billion. This indicates that institutional interest in Bitcoin remains weak amid high market volatility.
Bitcoin is also still weighed down by the Federal Reserve's hawkish stance. The Fed maintained interest rates in the 3.50%–3.75% range at its June 2026 meeting, but recent projections suggest some officials still see the possibility of a rate hike this year. High interest rates typically put pressure on riskier assets like crypto, as investors tend to choose instruments that offer clearer returns.
From a macro perspective, the US dollar remains a key factor for the crypto market. Although the dollar index weakened slightly on Monday, it remained near a 13-month high, as the US economy remains strong and expectations of interest rate hikes have not completely dissipated. Investors are now awaiting this week's US jobs data to gauge the Fed's next policy direction.
Geopolitical sentiment also influences Bitcoin's movement. Tensions in the Middle East remain a concern after the US and Iran escalated again, although both sides are reportedly open to peace talks. If the conflict pushes energy prices higher again, inflation concerns could intensify and make the market even more cautious about riskier assets.
In the altcoin market, Ethereum also moved within a range of US$1,575, with a daily high of US$1,593 and a low of US$1,552. This movement suggests the crypto market in general is still awaiting a stronger catalyst. Currently, investors are focused on ETF fund flows, the direction of the US dollar, US employment data, and developments in US-Iran negotiations. (arl)
Source: newsmaker.id
