• Bitcoin falls beneath $104K amid heavy ETF outflows.
• Key resistance at $106K–$107K amid rebound makes an attempt.
• Whale promoting is on the rise as retail buys surge.

Bitcoin (BTC) has began June on the again foot, dipping beneath $104,000 to a low of $103,833.57 on June 2 as buyers react to a recent wave of ETF outflows and technical uncertainty.

Regardless of closing Might with its highest month-to-month shut ever close to $105,700, the market temper has shortly shifted, pushed by indicators of distribution from whales and institutional sellers.

Bitcoin ETF outflows outweigh inflows

The six-week streak of inflows into US spot Bitcoin ETFs got here to an abrupt finish on Might 30, when funds collectively recorded a staggering $616.22 million in outflows in accordance with Coinglass information.

This reversal marks a pointy deviation from earlier weeks, the place ETF flows had bolstered the bullish narrative and contributed to Bitcoin’s 11% month-to-month acquire.

BlackRock’s IBIT, the biggest fund within the cohort, leads the exit with $430.82 million in withdrawals, though it nonetheless maintains over $69 billion in property beneath administration.

Constancy’s FBTC and ARK 21Shares’ ARKB observe swimsuit with $113.71 million and $120.14 million in outflows, respectively, underscoring the broad-based nature of the sell-off.

Though the full cumulative inflows throughout all ETFs stay constructive at $44.37 billion, the sudden withdrawal means that buyers at the moment are appearing cautiously amid rising macroeconomic and technical dangers.

Bitcoin price pullback

On the price charts, Bitcoin’s current pullback from $109,000 to $103,833 has introduced it beneath the 0.786 Fibonacci retracement of the rally to its all-time excessive of $112,000.

That dip mirrored heavy profit-taking into the tip of Might, exacerbated by the rising affect of bearish technical patterns such because the demise cross on the 4-hour chart.

Throughout Monday’s European session, BTC briefly rebounded to $105,500 however shortly stalled close to $105,800 — a zone that mixes the 0.618 Fibonacci stage with the 100 EMA, forming a vital confluence of resistance.

Whereas the 20 EMA has been reclaimed, the price continues to wrestle beneath the 50 EMA at $106,000, reinforcing the view that bulls face an uphill activity in regaining upward momentum.

If Bitcoin fails to interrupt by means of the resistance between $106,000 and $107,000, the draw back strain might intensify, presumably dragging the asset again to the current low close to $103,200.

Including to the volatility is James Wynn, the controversial high-leverage dealer who as soon as once more opened a $100 million BTC lengthy at 40X leverage on Hyperliquid, with a liquidation price precariously shut at $101,999.

Simply these for now

Hoping BTC pulls decrease however i don’t see it pic.twitter.com/wd9751v27t

— James Wynn (@JamesWynnReal) Might 30, 2025

Wynn’s repeated makes an attempt to go lengthy on BTC haven’t solely resulted in substantial floating losses however have additionally fueled wider speculation-driven exercise on the Hyperliquid platform.

After one other failed try by the market to liquidate him, Wynn has introduced that he has determined to offer perp buying and selling a break, additional amplifying issues of exaggerated leverage available in the market.

I’ve determined to offer perp buying and selling a break.

Thanks @HyperliquidX in your hospitality. Your service, impeccable. Your platform beautiful.

Its been a enjoyable trip. Approx $4m into $100m after which again down to a complete account lack of $17,500,000.

The time has come for me to…

— James Wynn (@JamesWynnReal) June 2, 2025

On-chain metrics are sending diverging indicators

In the meantime, on-chain metrics present a divergence in behaviour between whales and retail merchants, with giant holders decreasing publicity steadily since BTC crossed $81,000.

Retail individuals, in contrast, are displaying indicators of shopping for the highest, a dynamic that traditionally aligns with durations of short-term market corrections.

Santiment flagged elevated whale exercise across the Might 22 peak, noting that related previous patterns usually sign native tops quite than sustainable breakouts.

Despite the fact that Bitcoin stays up 11% over the previous month, relative power index (RSI) indicators have turned bearish, flashing clear divergence as price makes an attempt to get well above key resistance zones.

On the similar time, broader macro situations proceed to forged a shadow, with merchants watching carefully for indicators from the Federal Reserve amid slowing job progress and cooling inflation.

The falling US Greenback Index might present a short-term tailwind for Bitcoin, however analysts stay divided on whether or not present ranges characterize a springboard for a recent rally or a prelude to additional losses.

Knowledge from Glassnode’s MVRV ratio reveals BTC is buying and selling between vital bands that traditionally precede native tops, with the +1σ stage close to $119,400 appearing as a psychological ceiling for a lot of profit-takers.

Whereas some merchants anticipate a bounce from the $100K assist to as excessive as $113K, the danger of a deeper correction continues to dominate sentiment throughout each spot and spinoff markets.

As June unfolds, all eyes will stay fastened on ETF flows, macro indicators, and whether or not Bitcoin can decisively reclaim the $106,000–$107,000 band to keep away from slipping additional into bearish territory.