Bitcoin Drops Below $68,000 as Market Sentiment Shifts

Bitcoin fell over 5% in 24 hours as total market cap dropped to $2.35T. Massive ETF outflows and liquidations drive the current crypto market correction.

The total market capitalization of digital assets has decreased by 3.2%, falling to approximately $2.35 trillion. Market participants are showing increased risk aversion, evidenced by the Fear and Greed Index dropping to 27 points.

Bitcoin has crashed below the $68,000 mark. At the time of writing, Bitcoin is trading at $67,800, representing a decline of more than 5% over the last 24 hours and a drop of over 11% for the week.

Ethereum has retreated toward $1,930, while other major assets like XRP, Solana, and Dogecoin recorded daily losses ranging between 3% and 5%.

ETF Outflows Weigh on the Market

A primary factor behind the downward price pressure is the ongoing capital withdrawal from U.S. spot Bitcoin ETFs. Data from FarSide Investors shows that on June 1, these funds recorded a net outflow of roughly $484 million. BlackRock’s IBIT fund was the largest contributor to this trend, seeing over $440 million in outflows. This marks another negative session following a series of sell-offs during the second half of May.

Ethereum ETFs are also facing pressure, reporting a net daily outflow of approximately $44.5 million. While this amount is significantly smaller than the Bitcoin figures, the trend suggests a cooling appetite for leading crypto assets among institutional investors.

Market pressure is being further intensified by massive liquidations of long positions in the futures market, which have exceeded hundreds of millions of dollars in recent days. These liquidations create additional downward momentum, accelerating corrections across major tokens.

XRP and Hyperliquid Continue to Attract Interest

Alternative ETF products are painting a different picture. According to information from Coinglass, XRP ETFs recorded a net inflow of $3.1 million, driven entirely by the Canary XRP ETF. Although the volume remains modest compared to Bitcoin products, the positive flow highlights sustained interest in assets that investors view as potential beneficiaries of expanding regulatory clarity.

Meanwhile, Solana ETFs remained largely stagnant, while funds focused on Hyperliquid continued to attract capital, albeit at a slower pace than in previous weeks. Data reveals that interest in HYPE remains resilient despite the broader market correction and heightened volatility affecting leading cryptocurrencies.

Despite short-term weakness, analysts note that institutional participation is not disappearing but rather shifting toward more selective opportunities. While Bitcoin and Ethereum remain under pressure, assets like XRP and Hyperliquid continue to see positive flows, suggesting that investors are seeking new growth sources for the next stage of the crypto market’s evolution.