Bitcoin Drops to $63,000 as Spot ETF Outflows Hit $396 Million

Bitcoin fell over 4% as US spot BTC ETFs saw $396.6M in outflows. BlackRock's IBIT led the decline, while Ethereum and Solana also faced heavy selling pressure.

Bitcoin declined to approximately $63,964, losing over 4% in the last 24 hours. The leading digital asset briefly dipped to $61,500 before managing to recover some of its losses. This downturn coincided with another day of net outflows from spot BTC ETF products in the United States.

According to the latest data from FarSide Investors, investors withdrew a total of $396.6 million from Bitcoin ETFs on June 3. The largest outflow was recorded by BlackRock’s IBIT at $342.3 million, followed by Fidelity’s FBTC with $54.3 million.

This negative trend continues a sell-off streak observed over recent weeks. Spot exchange-traded funds have now recorded their 13th consecutive day of outflows.

Ethereum and Solana feel the pressure

At the time of writing, Ethereum (ETH) is trading at $1,788 after losing 5% within the day. Data reveals net outflows of $53 million from Ethereum ETFs, with BlackRock and Fidelity products contributing most significantly to the decline.

The situation also worsened for Solana. ETF products tracking the asset reported net outflows of $12.8 million, primarily driven by Bitwise’s BSOL fund. The SOL token itself dropped by nearly 6% over the last 24 hours and is currently trading around $70.

Hyperliquid remains an exception amid the sell-off

While most major crypto assets are trending downward, Hyperliquid continues to demonstrate relative resilience.

HYPE is trading around $69.76 and maintains a gain of over 22% over the past week, despite losing nearly 4% in the last 24 hours.

Interest in the asset is supported by the launch of the new Grayscale Hyperliquid ETF (HYPG), which began trading on Nasdaq this week.

Data shows a net inflow of $3 million into Hyperliquid ETF products on June 3, entirely attributed to the THYP fund by 21Shares.

XRP funds also turn red

According to information from Coinglass, funds associated with XRP reported net outflows of approximately $4.4 million. The largest outflows were recorded in products from Bitwise and 21Shares, indicating weakening interest even within the alternative cryptocurrency sector.

The Fear and Greed Index has dropped to 20 points, moving deep into the “extreme fear” zone. For investors, this signals that the market remains highly sensitive to macroeconomic risks and institutional capital movements, which continue to dictate the short-term direction of crypto assets. The total cryptocurrency market capitalization fell by nearly 4% to $2.23 trillion.