U.S. spot Bitcoin ETFs saw $692 million in outflows Thursday, the largest since May, as Bitcoin fell to $58,189 ahead of a $10.6 billion options expiry.
Bitcoin fell below $60,000 to an intraday low of $58,189, marking a 6.4% weekly decline and its lowest level since September 2024. The drop followed a record $692 million outflow from U.S. spot Bitcoin ETFs on Thursday, the largest since late May.
The cryptocurrency traded around $59,100 Friday, down 53% from its October peak of $126,080. Its market cap stood near $1.18 trillion, with a 24-hour range of $58,189 to $60,724. Annual growth in U.S. ETF Bitcoin holdings has stalled, with the funds now contributing to supply pressure.
A $10.6 billion options expiry looms Friday, while over $1.1 billion in leveraged crypto positions were liquidated in the past 24 hours. Traders on prediction market Myriad now assign a 77% chance Bitcoin will fall to $55,000.