Bitcoin BTC$62,945.93 is back above $63,000, but what happened in exchange-traded funds (ETFs) last week rings a note of caution.

As the price fell toward $60,000, the 11 U.S. spot ETFs recorded $1.72 billion in net outflows, marking a third straight week of accelerating redemptions. That happened on the total weekly volume of just $18.43 million, according to data from SoSovalue.

Compare that with the first week of February, when bitcoin suffered a similar crash to $60,000. Back then, outflows were just $318 million, but the total weekly volume was $46.15 billion in a clear sign of panic and capitulation, reflecting a fiercely contested market with active participation from both bulls and bears.

That wasn’t the case last week, when outflows accelerated amid subdued trading volume. The combination suggests a steady exodus rather than a shock-driven capitulation that typically marks local bottoms.

As such, the sustainability of bitcoin's bounce is questionable. A dramatic resurgence in ETF demand might be needed to put the price on a convincing upward trajectory.

That probability appears low, as looming initial stock sales from SpaceX and Anthropic, two of the largest IPOs in history, could keep sucking liquidity out of broader markets, including crypto.

Further, this week's U.S. inflation data for May, expected to show the cost of living rose above 4%, could add to volatility in both bonds and the broader financial market. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

What’s trending

• Israel and Iran trade strikes, threatening to drag the region back into full-scale war (AP): Israel and Iran traded fire in their first attacks since the U.S. struck a ceasefire two months ago, threatening to drag the Middle East back into a full-scale war.
• Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls (CoinDesk): Gold fell below its 200-day moving average for the first time since October 2003, a signal often interpreted as a sign that long-term bullish momentum has weakened and that a broader trend reversal may be underway.
• Zcash bounces 45% as developers propose new 'Ironwood' upgrade (CoinDesk): Zcash clawed back much of last week's losses, rising about 45%. The token plunged after Shielded Labs disclosed a bug in the part of the system that hides transaction details.
• Treasury yields rise as traders weigh inflationary pressures, fresh Iran tensions (CNBC): U.S. Treasury yields rose across the curve, as domestic inflationary pressures rise and renewed Middle East tensions sent energy prices higher.

Today’s signal

The chart shows bitcoin’s weekly price swings in candlestick format since 2023.

The recent collapse has pushed BTC closer to the 61.8% Fibonacci retracement level ($57,799) defined by the rally from the 2022 bear-market low to the 2025 bull-market high.

This Fibonacci level, often called the “golden ratio,” is widely tracked as a key inflection point where trends either strengthen or reverse, making it a critical zone for assessing pullback strength and potential entry opportunities.

The selloff, therefore, will likely worsen if this level is breached.