US Bitcoin demand slips as BTC nears $57,300 liquidation cluster

US-listed spot Bitcoin ETFs recorded roughly $6.35 billion in net redemptions over the past 30 days, and Bitcoin traded around $59,800, down about 16% for the month.

Analysis of trading sessions shows American hours have been a net source of selling. Velo data indicate that holding Bitcoin only during US trading sessions would have produced a cumulative return near -15% over the prior month.

Galaxy Research data place the most recent 30-day ETF outflows as the largest in the firm’s 582 rolling 30-day periods. The Coinbase Premium Index, which compares Coinbase prices with offshore venues, remained negative at about -0.13 after a late-February trough near -0.25.

Analytics firm Alphractal identified a concentration of leveraged positions near $57,300 based on data from 30 exchanges and the prior 30 days. Liquidation levels are price points where exchanges automatically close leveraged positions if collateral falls below required levels.

Options open interest on Deribit shows roughly $1.1 billion at the $60,000 strike and about $1.4 billion across the $50,000–$55,000 strikes, representing significant exposure at and below current prices.

Market-flow indicators moved through several phases in recent weeks. CryptoQuant’s Net Taker Volume Oscillator rose to about 1.7% in mid-May, fell to -0.9% in early June and later returned to around zero. CryptoQuant’s liquidation oscillator stood at 18.4%, indicating a larger share of forced closures hit long positions; the same measure was near -13% in mid-May when short positions were being squeezed.

Risk-appetite metrics from Block Scholes show Bitcoin approaching a -1.0 threshold associated with weaker risk tolerance, narrowing the gap with Ethereum, which had already crossed into weaker-risk readings.

With ETF outflows, negative US-session returns, a negative Coinbase premium and concentrated derivatives exposure below current prices, market participants are watching support near $60,000 and the $57,300 liquidation cluster for potential price reactions.