The flow data needs careful dating because providers and cutoff windows differ. When reviewed on June 4, 2026, at 5:50 a.m. PT, Farside listed negative daily totals from May 15 through June 3, including $733.4 million in net outflows on May 27, $519.1 million on June 2 and $396.6 million on June 3.
ETF Redemptions and Leverage Unwind Hit Together
Bitcoin’s price move also intensified through derivatives markets. IG reported nearly $1.6 billion in leveraged long liquidations on June 2, while a later Economic Times report on June 4 cited CoinGlass data showing about $1.76 billion in total liquidations over 24 hours as Bitcoin rebounded from an intraday low near $61,500 toward $64,000.
Live market data showed the pressure had not fully cleared. When checked on June 4, Bitcoin was trading near $63,627, with an intraday range between $61,503 and $67,124, while Ethereum traded near $1,775 and major assets including BNB, XRP and SOL were also lower on the day.
Institutional Signals Remain Mixed
The institutional picture is not one-dimensional. Bloomberg Intelligence analyst Eric Balchunas argued that roughly $3 billion in outflows from a Bitcoin ETF market of about $100 billion should not be overread as a collapse in adoption, comparing the movement to normal flow patterns seen in large ETF categories.
Strategy’s small Bitcoin sale added symbolic weight, but not material supply pressure by itself. Strategy sold 32 BTC for $2.5 million between May 26 and May 31 to fund preferred-stock distributions, while still holding 843,706 BTC as of May 31.
Macro pressure remains part of the backdrop rather than a single proven cause. Reuters reported that New York Fed President John Williams saw no immediate need to change rates, while noting that officials are monitoring inflation risks tied to the Middle East conflict and higher oil prices.
For now, the clean framing is that ETF redemptions, leveraged liquidations, geopolitical risk and rate uncertainty are overlapping rather than acting as one confirmed causal chain. A stronger recovery signal would require ETF outflows to stabilize, liquidation pressure to reset and Bitcoin to reclaim key levels above the recent $67,000 to $70,000 breakdown zone.