Bitcoin $60k support tested as price slips below level

Bitcoin slipped to $59,100 on Friday, briefly breaching the $60,000 support that many traders view as a critical floor for the market this week [1]. The move raises questions about whether institutional inflows and miner economics can prevent a deeper decline.

ETF outflows and shrinking institutional demand

US spot Bitcoin ETFs saw net assets tumble to about $72.6 billion, a 57% drop from the October 2025 peak of $169.5 billion, and roughly 63,500 BTC left the products in the past 30 days [2]. The outflows coincided with a slowdown in purchases by Strategy, the world’s largest corporate Bitcoin holder, which reduced its weekly accumulation from 25,000 BTC in May to just 3,600 BTC in June. These flows have stripped a layer of institutional support that previously helped buoy prices during earlier rallies.

Miner profitability under pressure

Bitcoin miner margins have hit an all‑time low, with the estimated daily return for 1 TH/s falling to $0.028 from $0.039 a month earlier. The monthly gross profit for a flagship Antminer model dropped from $192 to $137, reflecting tighter electricity costs and a shift toward AI‑related infrastructure spending [3]. Miner holdings, which total over $110 billion, have shown a net negative position change since early May, suggesting that miners may be selling to fund operations or diversify into AI data centers. This sell pressure adds to the downward momentum that tested the $60k floor.

XRP’s divergent path highlights possible decoupling

While Bitcoin fell, XRP held above $1, trading at $1.15 after a 6.5% 24‑hour gain, contrasting with Bitcoin’s modest 3.2% rise from its low [1]. The divergence stems from record inflows into spot XRP ETFs—$131.94 million in May and an additional $4.13 million in early June—while Bitcoin ETFs suffered $2.43 billion of outflows in May [1]. However, XRP’s support could still be threatened if Bitcoin slides below $55,000, where historical price ratios would push XRP under the $1 mark.

Market sentiment and on‑chain metrics

Bitcoin dominance remains high at 58%, and the Altcoin Season Index sits at 39, indicating a “Bitcoin season” environment where altcoins typically lag [1]. On‑chain activity is weak, with miner net positions negative and hash power concentration rising among the three largest pools, now controlling 59% of the network—a shift from 44% in 2022 [3]. These factors suggest limited upside momentum unless institutional demand rebounds.

What to watch

• $60,000 support – a break below could trigger further sell‑offs and test the $55,000 level.
• ETF net inflows/outflows – a reversal to net inflows in spot Bitcoin ETFs would signal renewed institutional interest.
• Miner margin trends – a sustained rise in daily returns per TH/s above $0.030 could ease sell pressure from miners.

The $60,000 floor remains a pivotal point; its hold or breach will likely dictate whether Bitcoin can stabilize or slide toward lower support zones, while XRP’s performance may serve as an early indicator of broader market decoupling.