ビットコイン、ETFの資金流出拡大で68,000ドル割れ

ビットコイン、月曜に68,000ドルを下回る—デジタル資産全体で売り圧力が強まる

Bitcoin fell below $68,000 on Monday as selling pressure deepened across digital assets, with U.S.-listed spot bitcoin ETFs extending what Sherwood News described as a record losing streak and market participants pointing to eroding risk appetite across speculative trades. The slide comes as lawmakers continue to haggle over the Crypto Clarity Act’s enforcement provisions and as oversold technical signals flash without yet delivering a durable rebound, according to Kitco and CoinDesk.

The move left bitcoin down sharply from recent highs, while ether hovered near levels traders have described as technically consequential, with CoinDesk calling it crypto’s worst week since July 2024. In derivatives and spot markets, traders cited a mix of forced de-risking, thinner liquidity, and a broader rotation away from high-beta exposures.

Price action and technical pressure builds

Bitcoin’s drop through $68,000 sharpened focus on downside levels that chart watchers have been monitoring for weeks. Kitco said bitcoin’s daily RSI closed at 7.69—an extreme oversold reading that sits below a prior February low—while warning that “extremely oversold” conditions have not historically guaranteed an immediate bounce and that downside risk can persist as capitulation dynamics unfold.

CoinDesk, in its markets coverage, said bitcoin and ether were trading near “critical price levels,” with the broader complex posting its worst weekly performance since mid-2024. Traders often interpret such periods as a tug-of-war between value buyers stepping in at perceived support and systematic or leveraged sellers continuing to reduce exposure.

The stress has been particularly visible in large-cap altcoins tied to decentralized finance. Bitget cited a 12% drop in AAVE despite signs of buyer demand, underscoring how bid interest has struggled to overcome macro and flow-driven selling. The drawdown arrives as the market also contends with scheduled token unlocks in early-to-mid June, which can add to short-term supply and volatility, according to Bitget’s roundup of the week’s unlock calendar.

Flows and sentiment weigh on dip buying

ETF flows have been a central part of the story. Sherwood News reported bitcoin ETFs hit a record losing streak, reinforcing the view that institutional demand has softened at a time when liquidity is already strained. Even when spot prices stabilize, persistent outflows can keep pressure on market makers and authorized participants to hedge or sell underlying exposure.

Sherwood also framed the broader mood bluntly, saying “sentiment for crypto is firmly in the gutter” as parts of the sector sink toward multiyear lows. That downbeat tone has coincided with heightened sensitivity to negative headlines—particularly those involving well-known corporate crypto holders.

Decrypt highlighted that Michael Saylor sold bitcoin for the first time since 2022, a development that traders read less for its direct supply impact and more for what it signals about positioning among prominent advocates. Sherwood separately noted that Strategy’s sale of 32 bitcoin was small in number but “big in impact on market sentiment,” reflecting the market’s tendency to interpret symbolic actions as confirmation that the easy part of the cycle may be over.

Macro crosscurrents and Washington in focus

Crypto’s weakness has not occurred in isolation. Risk markets have been choppy, and attention has shifted toward consumer balance sheets and the resilience of demand. CNBC reported household financial worries are at their highest level since 2022, a backdrop that can amplify risk aversion when volatility rises.

On currencies, CNBC also aired commentary suggesting the U.S. dollar could continue trending weaker, especially against Asian foreign exchange. A softer dollar can sometimes support dollar-denominated risk assets, but traders said crypto has recently traded more like a high-beta expression of liquidity and sentiment than a simple dollar hedge.

Regulatory signals and tokenization themes

Regulatory developments remain a key overhang. CoinDesk reported the Crypto Clarity Act is in the spotlight, with “bad-actor” provisions and Senate process frictions contributing to uncertainty over enforcement scope and compliance expectations. For institutional allocators, unclear rules can delay capital deployment even when prices fall to levels that might otherwise look attractive on a relative-value basis.

At the same time, parts of the market continue to pursue regulated tokenization pathways. InsuranceNewsNet reported Paxos received approval to place U.S. stocks on blockchain, a sign that infrastructure players are pushing to bring traditional assets on-chain under more formal oversight regimes. The trend is also drawing competitive responses: Gizmodo reported that the largest U.S. banks are working on a tokenization network aimed at countering crypto and stablecoin startups, highlighting how legacy finance is increasingly treating on-chain settlement as strategic terrain rather than a niche experiment.

Elsewhere in market structure, CNBC reported Polymarket closed its first block trade as prediction markets seek broader Wall Street adoption. While not directly tied to bitcoin spot demand, the move points to a widening set of crypto-adjacent products trying to appeal to institutional trading norms such as negotiated block liquidity.

DeFi headlines highlight stress and restructuring

DeFi tokens have struggled to decouple from the broader tape. Beyond AAVE’s sharp daily drawdown, governance and funding headlines have underscored how leading protocols are rethinking capital allocation during a downturn.

CoinMarketCap reported Aave Labs proposed a $50 million funding deal while offering full revenue to the DAO, with a structure that includes $5 million upfront and $20 million streamed across a year. The proposal also prioritizes v4 development and contemplates gradual v3 deprecation starting eight to 12 months after v4’s launch, according to CoinMarketCap’s summary. Traders said such restructuring news can be read two ways: as a sign of operational maturity, but also as an acknowledgment that growth conditions are tighter and runway matters more.

What markets are watching next

With bitcoin pinned by negative flows and fragile sentiment, traders are watching for three near-term signals: stabilization in ETF creations/redemptions, evidence that oversold technicals translate into sustained spot buying rather than short-covering, and clarity from Washington on the Crypto Clarity Act’s enforcement contours.

Until then, market participants said rallies may be vulnerable to renewed selling, particularly if token unlocks and broader risk-market volatility keep liquidity thin. CoinDesk’s framing—crypto near critical levels with legislative process risk in the background—captures the dominant posture: cautious positioning, faster de-risking, and a premium on confirmed flow improvements over narrative-driven rebounds.

References & Links

• Sherwood News: bitcoin ETFs and sentiment backdrop
• CoinDesk: Crypto Clarity Act and critical levels coverage
• Kitco: RSI capitulation-risk analysis
• Decrypt: Saylor sold bitcoin market-impact context
• Bitget: AAVE move and token-unlocks roundup
• InsuranceNewsNet: Paxos and tokenization approval
• Gizmodo: big banks’ tokenization network initiative
• CNBC: Polymarket block trade and institutional push
• CNBC: consumer financial worries backdrop
• CNBC: USD weaker macro context
• CoinMarketCap: Aave Labs funding deal details

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