Bitcoin (BTC) fell below $60,000 midway through the US trading session on Monday, forming a new local low of $58,500. 📉 This decline continued as outflows from the US spot Bitcoin exchange-traded fund (ETF) market continued into the new week.

According to the latest weekly report from crypto exchange Bitfinex, US spot Bitcoin ETFs lost over $100 million on each trading day last week, totaling mass outflows of $544.1 million.

According to Bitfinex, this rapid decline in open interest in Bitcoin futures indicates a large pullback of funding arbitrage transactions associated with ETF outflows. This shows that not all ETF outflows should be interpreted as direct spot sales. 📊

Bitfinex analysts noted that heavy ETF outflows are often associated with local bottom formation and suggested that BTC may be approaching its bottom. However, they warn that market sentiment remains bearish.