Oil surge, ETF outflows push Bitcoin under $60K
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- Nasdaq 100 Index fell 7.5% over the week to June 10, erasing $2.7 trillion in market value, more than twice Bitcoin’s total market cap.
- Producer Price Index rose 6.5% in May 2025, the highest level since 2022, prompting the CME FedWatch Tool to show a 40% probability of a Fed rate hike by September, up from 5% a month earlier.
- Spot Bitcoin ETFs recorded $1.9 bn of net outflows in June, indicating weakened institutional demand and undermining Bitcoin’s role as a hedge against equity losses.
- Bitcoin futures traded below the 4% neutral premium to spot markets, reflecting low appetite for bullish leverage amid market volatility.
- Strategy (MSTR) paused its Bitcoin accumulation to reduce convertible debt, cutting its cash runway to seven months of dividend coverage and pushing its Stretch preferred shares away from the $100 level.
- SpaceX IPO was oversubscribed by more than 2×, while AI firms Google, Oracle and Super Micro announced massive capital raises ($80 bn, $40 bn, $7 bn respectively), underscoring continued investor interest in tech despite broader market turbulence.
- President Trump announced the cancellation of planned strikes on Iran after renewed negotiations to reopen the Strait of Hormuz, contributing to a modest positive reaction in US equities.
Why it matters: Investors see Bitcoin’s $60 k support eroding as $1.9 bn of ETF outflows and weak futures premiums strip its hedge appeal, while tech giants and SpaceX attract fresh capital, shifting money away from crypto toward high‑growth tech assets. This reallocation pressures crypto valuations and underscores the market’s preference for tangible growth prospects amid inflation‑driven rate‑hike expectations.
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