Meanwhile, Hyperliquid’s HYPE ETFs were the only category that had not been in outflow during the broader bleed, and that picture extended on Wednesday. The three-fund complex took in another $12.15 million, with Bitwise’s BHYP attracting $7.45 million and Grayscale’s newly launched low-fee HYPG fund pulling $4.70 million on its first day of trading.

HYPE ETF net assets now stand at $185.68 million across roughly four weeks since the May 12 launch, and every single trading day in that window has been a net inflow day.

The size of Friday’s bitcoin and ether prints relative to the magnitude of the streaks they ended is the part worth holding onto. A roughly $3 million bitcoin ETF inflow after $4.4 billion of redemptions is statistical noise rather than a regime shift, and it landed on a day when bitcoin was already trading at $63,629, well off the levels seen during the heaviest outflow days in late May.

Bitcoin traded down to $62,715 in Asian hours, ether dropped to $1,696, and the broader risk picture deteriorated as the global AI trade rolled over on Broadcom’s outlook miss and a 4.7% KOSPI selloff.

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Crypto trader on laptop and phone

A confluence of factors makes $60,000 as key level to watch for in the near term, according to Deribit.

What to know:

  • Bitcoin’s slide toward $60,000 has placed the market at a critical structural crossroads.
  • This level serves as a primary cost basis for institutions and a key strike for derivatives hedging.
  • A decisive break lower could trigger mechanical selling, potentially deepening the selloff.

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