From 15:30 to 15:45 (UTC) on June 5, 2026, the BTC/USDT price dropped from 60,848.4 USDT to 60,046.7 USDT, plunging 0.69% in 15 minutes, with a range of 1.32%. This period falls within the U.S. Eastern morning trading session. Liquidity is relatively sufficient, but selling pressure becomes concentrated and released, significantly intensifying market volatility.
The main driver behind this anomaly is that spot Bitcoin ETF outflows have continued for 13 consecutive trading days, with a cumulative amount of $4.33 billion (about 59,400 BTC). Marginal institutional buy orders have broadly withdrawn, forming persistent structural sell pressure. Meanwhile, deleveraging in the derivatives market is accelerating: open interest over the past 30 days fell 20.68% to $47.48 billion. Leveraged long positions are being forcibly liquidated, creating a negative feedback loop that amplifies the magnitude of short-term selling.
Second, the macro environment continues to deteriorate, further shaking corporate confidence. U.S. Non-Farm Payrolls came in stronger than expected (172K vs 85K forecast), reinforcing the Fed’s wait-and-see stance, compressing rate-cut expectations, and benefiting the U.S. dollar while weighing on risk assets. Escalation of the Middle East situation pushed oil prices above $90 per barrel; higher oil prices further erode the Fed’s room to ease. MicroStrategy disclosed that it sold 32 BTC for the first time since 2022, breaking its “never sell” pledge and sending signals of weakening confidence among corporate holders. Institutional positioning data shows hedge funds reduced holdings by 31,400 BTC (-39%), and brokerages reduced holdings by 18,800 BTC (-53%), becoming the main force behind selling; banks, however, increased holdings by 7,800 BTC, showing a clear split among institutions.
With current market risk sentiment elevated, the $60,000 key support level is under test. If it breaks, it could open the door to a deeper pullback. RSI has fallen into an extreme oversold range of 17–21.8; BTC’s dominance has dropped by over 5% within 19 days; and stablecoin dominance has broken above 12.4%. All of these point to capital exiting the crypto asset class. Going forward, focus should be on whether ETF fund flows can stay positive, the U.S. dollar trend, and changes in institutional holdings. Short-term volatility risk is increasing, so users should manage positions cautiously.
