Bitcoin Struggles to Hold $60,000 as $1.79 Billion ETF Outflows, Rate-Hike Bets Turn Focus to Kevin Warsh

Bitcoin is struggling to hold the $60,000 level as heavy outflows from U.S. spot exchange-traded funds and mounting bets on further Federal Reserve rate increases add to downside pressure.

The Block reported on June 29 that U.S. spot Bitcoin ETFs recorded net outflows of $1.79 billion last week. Spot Ether ETFs also posted $273 million in net outflows, extending their outflow streak to seven consecutive weeks. By contrast, spot XRP ETFs drew $22.99 million of net inflows, while spot Hyperliquid ETFs attracted $111 million.

In a note published June 29, Laser Digital's derivatives trading desk wrote that Bitcoin rebounded to about $64,000 early last week as geopolitical tensions eased. Selling intensified later in the week, pushing the token back below the psychologically important $60,000 level. Ether underperformed Bitcoin throughout the period.

QCP Capital analysts said demand for Bitcoin put options in the $55,000 to $58,000 range tied to July expiry has been rising, lifting implied volatility steadily. Risk reversals have also skewed sharply toward puts. QCP put key support levels at $58,000 for Bitcoin and $1,500 for Ether.

The macro backdrop has also become less supportive. Laser Digital's derivatives desk said rates markets are now pricing in 1.5 additional hikes, a sharp reversal from expectations for two cuts before the Middle East conflict. The desk added that the move may be an excessive repricing unless the Fed is deliberately maintaining a hawkish stance to restore credibility on inflation.

Kyle Rodda, a senior analyst at Capital.com, said Apple's recent product price increases signal that AI-related cost pressures are starting to be passed directly to consumers. As profitability in the AI industry rises, inflationary pressure that could prompt central banks to raise rates may also build. Markets are now pricing in an 80% chance of a rate increase this year, and the June nonfarm payrolls report due Thursday may mark the next inflection point.

Fed Chair Kevin Warsh is scheduled to speak Wednesday at a European Central Bank forum. QCP analysts said markets will look for clues on the policy path in his remarks ahead of the Fed meeting later this month.

John D'Agostino, head of strategy at Coinbase Institutional, said the pain in digital-asset markets is real. Still, rising stablecoin usage, improving regulatory clarity worldwide and the wider adoption of blockchain-based value-transfer systems suggest the current downturn is only a temporary correction. Zach Pandl, Grayscale's head of research, said Bitcoin would benefit if the Clarity Act passes the Senate and the Fed leaves rates unchanged. If the bill is delayed and inflation persists, however, further declines remain possible.