Bitcoin struggles despite softer dollar as record ETF outflows weigh on price
Bitcoin faces pressure even as the U.S. Dollar Index weakens and rate hike bets fade, due to record outflows from spot Bitcoin ETFs totaling $4.0 to $4.5 billion in June. A softer dollar typically supports Bitcoin by improving global purchasing power and reducing Fed rate hike expectations, but heavy ETF redemptions have offset this benefit. Exchange balances near multi-month lows suggest tight supply, which could help absorb selling pressure if outflows ease. Key indicators to watch include the Dollar Index trend, ETF flow stabilization, exchange balances, and derivatives funding to assess if Bitcoin can hold a price floor amid macro and crypto-specific dynamics.
Bitcoin faces pressure even as the U.S. Dollar Index weakens and rate hike bets fade, due to record outflows from spot Bitcoin ETFs totaling $4.0 to $4.5 billion in June. A softer dollar typically supports Bitcoin by improving global purchasing power and reducing Fed rate hike expectations, but heavy ETF redemptions have offset this benefit. Exchange balances near multi-month lows suggest tight supply, which could help absorb selling pressure if outflows ease. Key indicators to watch include the Dollar Index trend, ETF flow stabilization, exchange balances, and derivatives funding to assess if Bitcoin can hold a price floor amid macro and crypto-specific dynamics.
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