Bitcoin Slips Below $60,000 as ETF Outflows Trump Mining Supply

Bitcoin's price has fallen below $60,000 as ETF outflows have exceeded new supply from mining. According to data, U.S. spot Bitcoin ETFs saw net outflows of around $1.79 billion for the week ended June 26. This translates to approximately 30,100 BTC being removed from circulation.

The comparison between ETF outflows and new supply is significant, with the former exceeding the latter by a ratio of 13.4 times. While it's unclear whether each ETF redemption directly led to spot selling, the scale of the outflows has caught attention in the market.

Economic Times quoted Piyush Walke, a derivatives research analyst at Delta Exchange, saying that the fall in risk assets and stocks has knocked crypto demand, and Bitcoin could fall to $55,500-$56,000 if it slips under $58,000.