Bitcoin dropped to its lowest price since Aug. 3, falling below $63,000 as of early Friday UTC—a level that wipes out every dollar of last week's recovery. The move came as spot bitcoin ETFs posted consecutive days of net outflows for the first time since late July, draining $192 million from the products over those two sessions, according to data from SoSoValue.
The two-day streak ends a stable run of inflows for the U.S.-listed ETF products, which launched in Jan. 2024 and have since become the primary institutional on-ramp to bitcoin. Back-to-back outflows are a concrete demand signal—when authorized participants are redeeming shares rather than creating them, it reflects institutional holders pulling exposure, not retail sentiment.
Ether followed bitcoin lower, trading at $1,881—down 0.73 percent since midnight UTC Thursday. That decline tracks closely with bitcoin's 1.14 percent intraday loss, suggesting the selling pressure is broad across large-cap crypto assets rather than isolated to BTC.
A slice of the altcoin market held up better than the majors. While BTC and ETH both dropped, a portion of smaller tokens outperformed through the same period. That divergence is narrow—most of the altcoin market has not shown sustained strength against the majors in recent weeks.
The macro backdrop offered mixed signals. U.S. producer price index data for Thursday showed headline PPI cooled to 4.7 percent, below analyst forecasts. That reading pushed equities higher—the S&P 500 and Nasdaq 100 both rallied on the report, and index futures held marginally in the green heading into Friday. Bitcoin did not participate in that risk-on rotation.
In prior rate-sensitive stretches, bitcoin has moved with or ahead of equities when inflation data came in below expectations. Thursday's PPI miss did not produce that result. The Crypto Fear and Greed Index sits at 34—firmly in Fear territory—reflecting the absence of buying conviction even against a favorable macro data point.
Bitcoin's current level below $63,000 puts it back below the range it held for much of early August. The Aug. 3 figure is now the floor reference the market is watching. A close below that level would represent a fresh leg lower and extend the drawdown from the recent high.
The $192 million outflow figure over two sessions is not catastrophic in absolute terms—the products have collectively seen billions in inflows since launch—but the timing matters. Late July was the last time these products saw consecutive daily outflows before this week. The pattern breaking now, without a clear catalyst like a regulatory shock or a macro event, points to organic institutional de-risking.
Ether's ETF products, approved in May 2024, have tracked a similar pattern of softer demand relative to bitcoin's products. ETH at $1,881 is down fractionally on the day, reflecting the absence of fresh buying rather than active selling pressure.
SOL trades at $75.35 and XRP at $1.004—both holding their ranges without a meaningful directional move. Neither has provided a rotation destination for capital leaving bitcoin on this drawdown.
With PPI now in, the consumer price index reading will either confirm or complicate the inflation-cooling narrative. If CPI comes in below expectations, the question becomes whether crypto can finally participate in the relief trade that equities captured on Thursday's PPI print—or whether the ETF outflow dynamic continues regardless of the macro data.
