Bitcoin slides to $62,600 as spot ETF outflows extend to 11 straight sessions

Bitcoin fell to as low as $62,600 from Wednesday into early Thursday as the crypto market resumed its pullback, CoinDesk reported. Ethereum slipped to around $1,750, while Solana and Hyperliquid (HYPE) posted sharper losses. Traders noted that altcoins that had held up in recent weeks also turned lower, pointing to broader-based selling. Across the market, Bitcoin and Ethereum were down about 6%, with Solana and HYPE off nearly 9%. ZEC, NEAR and VVV—names that had recently set short-term highs—also reversed sharply, registering double-digit daily declines. HYPE briefly touched $75 before quickly rolling over. The move has shifted attention from token-by-token rotation to a wider contraction in risk appetite, as selling pressure spread from large-cap cryptocurrencies into higher-volatility segments. Flows data reinforced the risk-off tone. U.S. Bitcoin spot ETFs logged net outflows for an 11th consecutive trading day, with weekly withdrawals totaling about $1.4 billion. Wednesday alone saw roughly $396 million in outflows, while Ethereum spot ETFs recorded about $53 million in redemptions. With funding conditions softening, Bitcoin is again nearing the prior cycle low around $60,000. A renewed test of that level could add to near-term pressure, while persistent ETF outflows suggest institutional demand has yet to meaningfully rebound. Macro factors also weighed on sentiment. Arthur Hayes said he has sold all of his HYPE and NEAR holdings, arguing the market may have already peaked or is close to doing so. He pointed to rising energy prices, the approach of large AI-related IPOs, and potential policy shifts in U.S. politics. In traditional markets, U.S. equity futures weakened, with Nasdaq futures down about 1.25%. Gold rose and oil traded at elevated levels. Against this backdrop, higher-risk crypto assets saw heavier selling. CoinDesk also noted MoonPay's new tool that lets AI agents connect to wallets and execute transactions, as well as elevated scam risks ahead of the World Cup, though the main focus remained the price pullback and sustained fund outflows.