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Bitcoin Drops Below $67,000 as ETF Outflows, Institutional Selling Intensify

Bitcoin Drops Below $67,000 as ETF Outflows, Institutional Selling Intensify

Mt. Gox wallet activity and prolonged ETF withdrawals add pressure on crypto markets.

Written by Rahul Dhingra, Edited by David Delima | Updated: 3 June 2026 13:42 IST

Bitcoin Drops Below $67,000 as ETF Outflows, Institutional Selling Intensify

Photo Credit: Unsplash/Dmytro Demidko

Crypto markets remain under pressure as institutional demand softens and liquidations rise

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Highlights

Bitcoin ETFs record 11 straight days of withdrawals
Mt. Gox-linked wallets move 10,300 BTC into focus
Large holders distribute over 24,000 BTC in one week

Bitcoin traded near $67,000 (roughly Rs. 64.2 lakh) on Wednesday, as the cryptocurrency market faced pressure with consistent ETF outflows and broad-based selling across multiple digital assets. The world's largest cryptocurrency dropped 4.19 percent in the last 24 hours, based on today's market data. Ethereum (ETH) was trading near $1,800 (roughly Rs. 1.79 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 64.3 lakh in India, while Ethereum trades near Rs. 1.79 lakh, as per today's Gadgets 360 price tracker.

Analysts noted that heavy liquidations, weakening market confidence, and uncertainty around upcoming US macroeconomic events have kept traders defensive despite occasional recovery attempts.

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Many altcoins also traded at lower prices on Wednesday, broadly mirroring Bitcoin's decline, amid continued risk aversion across crypto markets. Binance Coin (BNB) was priced around $644.16 (roughly Rs. 61,700), while Solana (SOL) traded near $74.75 (roughly Rs. 7,160). XRP hovered around $1.23 (roughly Rs. 118), and Dogecoin (DOGE) was trading close to $0.094 (roughly Rs. 9), indicating limited demand beyond defensive positioning.

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Mt. Gox Wallet Transfers and ETF Withdrawals Keep Traders on Edge

Explaining the latest market weakness, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin ETFs recorded their 11th consecutive day of outflows worth over $3 billion (roughly Rs. 28,731 crore), marking the longest streak of withdrawals this year [...] Long-term investors could use this volatility as an accumulation zone to make small, recurring investments until a reversal is confirmed.”

Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The weakness is being led by institutional selling rather than a single headline [...] Wallets holding 10-10,000 BTC have distributed more than 24,000 BTC over the past week. That combination has weakened the spot market and kept traders cautious below the $70,000 (roughly Rs. 67 lakh) level [...] For investors, the practical approach is to avoid chasing rebounds until Bitcoin reclaims $70,000 (roughly Rs. 67 lakh) with stronger ETF flows. Long-term investors can accumulate gradually in small tranches, but leveraged positions should be kept light before the June 10 US CPI print and the June 16-17 Federal Reserve meeting.”

Commenting on recent market behaviour, the CoinSwitch Markets Desk said, “A bigger factor is that investors are currently favouring traditional markets, particularly AI-linked stocks, which have been attracting stronger capital flows [...] The key level to watch now is $65,000-$66,000 (roughly Rs. 62.2 lakh–Rs. 63.2 lakh). Holding this range could stabilise BTC, but losing it may bring $60,000 (roughly Rs. 57.5 lakh) back into focus.”

Overall, analysts said the crypto market remains under pressure as institutional selling, prolonged ETF outflows, and risk aversion continue to weigh on sentiment. Bitcoin's ability to defend the $65,000-$66,000 (roughly Rs. 62.2 lakh–Rs. 63.2 lakh) support range and reclaim the $70,000-$70,500 (roughly Rs. 67 lakh–Rs. 67.5 lakh) zone will remain crucial for improving near-term market confidence.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Cryptocurrency, Crypto Markets, Bitcoin, Ethereum

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More