Bitcoin briefly pierced $62,000 before recovering to $64,225, with spot Bitcoin ETFs absorbing nearly $1B in net withdrawals this week and extending their outflow streak to a record 13 consecutive sessions. Ethereum tracked the move, sliding 4.52% to $1,795, as total crypto market cap fell to $2.34T and BTC dominance held at 54.9%.
Why it matters
The outflow streak is now the longest since US spot BTC ETFs launched in January 2024. With the Fear & Greed Index sitting at 12 — extreme fear — and dominance elevated near 55%, capital is rotating out of beta rather than out of the asset class entirely. The $62K dip and recovery shows bids are still defending the level, but the bid is thinner and slower than during the March–April pullback. The MiCA grace period ending July 1 adds a regulatory overhang for EU-based crypto firms just as liquidity is draining.
Market impact
ETH's parallel 4.5% drop shows the move is risk-off across majors, not BTC-specific. With BTC dominance elevated, alts are taking the harder hit relative to BTC. SpaceX's reported $75B IPO target — and the bitcoin treasury / liquidity backdrop framing it — is the macro narrative traders will be watching into next week for a read on whether the institutional bid returns or the outflow streak breaks day 14.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAI3emohIsvzaTSj3iXlOVkIEcyBUWEsAAJ9F2sb9PoJSe5inZcLWlHvAQADAgADeQADOwQ)
Frequently asked questions
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How long is the current US spot Bitcoin ETF outflow streak?
The streak reached 13 consecutive sessions of net withdrawals, with nearly $1B leaving this week alone. It is the longest such streak since US spot BTC ETFs launched in January 2024.
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Why did Bitcoin dip below $62K this week?
Continued ETF outflows — now totaling nearly $1B this week — kept pressure on price, pushing BTC briefly below $62K before buyers stepped in to defend the level and recover to $64,225.
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What is the current Fear & Greed Index reading?
The Crypto Fear & Greed Index sits at 12, indicating extreme fear. It has remained depressed as the ETF outflow streak has extended.
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How is Ethereum performing relative to Bitcoin in this selloff?
Ethereum fell 4.52% to $1,795, closely mirroring Bitcoin's 4.60% drop. The parallel decline signals a risk-off move across majors rather than BTC-specific pressure.
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What regulatory deadline is approaching for crypto firms in the EU?
Crypto firms face a July 1 cutoff as the MiCA grace period ends. The deadline adds a regulatory overhang for EU-based venues at a time when ETF liquidity is already draining.
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