How Bitcoin Price Eyes $65K as SharpLink Buys $16M in ETH

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This article was first published on The Bit Journal.

Bitcoin has bounced back above the $60,000 mark after hitting a 21-month low, but the market is still stuck between a general improvement in price and persistent institutional selling.

At press time, BTC was seen trading around $61,490 after slumping to a low of $57,737 earlier in the week. Ether and Solana were also part of the recovery, moving up roughly 3% and 4.85% respectively.

Yet despite this, analysts are still on the fence over whether this is the start of a recovery or just a temporary reprieve. Recent Bitcoin ETF outflows, a general feeling of weakness and the fact that market liquidity has been thin continue to weigh heavily on the outlook.

Bitcoin Climbs Despite a Disastrous Month For Spot ETFs

The most surprising aspect about Bitcoin’s recovery is that it is happening right after one of the worst months ever recorded for spot ETF demand.

Data came out this week showing U.S. spot Bitcoin ETFs saw an estimated $4.5 billion in net outflows in June 2026 which is the worst month for the products since they launched in January 2024. To make matters worse, Bitcoin itself took a 20.48% hit in June, its steepest monthly decline since June 2022.

The pressure still hasn’t let up. Just a few days into July, U.S. spot Bitcoin ETFs recorded another $296 million in net outflows, which just continues the long streak of institutional withdrawals.

Despite all of that, Bitcoin has managed to climb back above $60,000 as traders reacted positively to comments from Federal Reserve Governor Kevin Warsh that inflation risks might be easing. Lower inflation expectations tend to support risk assets by making monetary easing look more likely.

Bitcoin Rebounds Above $60K, but Bitcoin ETF Outflows Keep Traders on Edge — *Bitcoin Rebounds amid ETF Outflows*

Fear Levels Remains High Across Crypto Markets

Prices may have improved a bit, but investor sentiment has not yet fully recovered.

Market fear indicators are stuck near 11 out of 100, putting sentiment firmly in the “Extreme Fear” zone. Bitcoin is still down roughly one-third since the start of 2026, which really puts the scale of the correction into perspective even with recent gains.

Institutional caution is seen beyond the ETF flows. Analysts are pointing out that a lot of investors are continuing to favour government bonds and fixed income products because treasury yields are still high. Higher yields make non-income producing assets like Bitcoin less attractive by comparison.

The U.S. 5 year treasury yield just climbed to 4.22%, so it is getting tougher to compete for investor capital.

Analysts Are Still on the Fence About Whether $57K Was the Bottom

The recent bounce has the Bitcoin community debating whether BTC has finally established a market bottom.

Crypto analyst PlanB points to Bitcoin’s June close below its 200-week moving average of roughly $62,000 as a warning sign. Previous bear market bottoms have always been below Bitcoin’s realized price which is currently near $52,000.

Bitcoin finished June at $58,526 after falling by 20.5%, its weakest June performance in four years. According to PlanB’s analysis, further downside toward the $52,000 region cannot yet be ruled out.

However, Bitcoin’s ability to recover from $57,737 and then quickly re-take $60,000 suggests that buyers are still active at lower levels.

Now, it looks like the market is focused on whether Bitcoin can establish support above $60,000 and eventually take on the $65,000 area that a few traders have been talking about.

Sharplink Revives its ETH Accumulation Strategy

While all the headlines have been about Bitcoin ETFs, it turns out that Ether got a boost from corporate investors coming back into the market.

Crypto treasury company SharpLink has started buying Ether again, after a bit of a pause. According to the on-chain data, the company picked up 5,000 ETH on June 25 and another 5,000 ETH the next day of $16 million worth at an average price of $1611 per Ether.

All told, this latest buying spree has pushed SharpLink up to 866,725 ETH in its reserves.

In a statement, the company said its acquisitions demonstrate a continued commitment to Ether as a long-term reserve asset.

This renewed buying is interesting given that a lot of institutions are cutting back on their exposure to digital assets right now.

Liquidity Shrinks as Markets Head into Q3

Another thing that has been grabbing people’s attention is the fact that crypto markets have seen a huge reduction in leverage over the past few months.

According to Talos, a big institutional trading platform, Bitcoin and Ether long liquidations reached $8.35 billion in the second quarter. That basically cleaned out all the speculative excess that had built up earlier in the year.

However, the cleanup came with a cost.

Talos reported thinner order-book depth and weaker liquidity entering the third quarter. While lower leverage reduces the risk of cascading liquidations, reduced liquidity can make prices more sensitive to large buy or sell orders.

Conclusion

Now that Bitcoin has bounced back above $60,000, the market doesn’t look as grim as it did in June, but the market is still a long way from being comfortable again.

There are record Bitcoin ETF outflows, fear among investors and uncertainties still hanging around at least from an economic perspective.

On the other hand, SharpLink is still buying up Ether and there has been a big reduction in leverage across the market too which could ultimately help things stabilize more through the rest of the year.

So whether Bitcoin makes it back up to $65,000 or drops down to the lows again all depends on these third quarter flows and whatever else happens to investors.

Glossary

Bitcoin ETF Outflows: When investors pull their money out of Bitcoin exchange-traded funds.

Realised Price: The price at which all the Bitcoin in circulation last got moved on-chain.

200 Week Moving Average: A long-term technical indicator often used to assess market cycles.

Treasury Yield: The return investors receive from holding U.S. government bonds.

Liquidation: The forced closing of leveraged trading positions when losses exceed collateral.

Frequently Asked Questions About Bitcoin ETF Outflows

Why are Bitcoin ETF outflows important?

They’re a sign of institutional investors losing interest. When big investors pull all their money out, it’s usually a sign of reduced appetite from professional investors.

How much left Bitcoin ETFs in June 2026?

About $4.5 billion left US Bitcoin ETFs in June, a worst record for a month.

What was Bitcoin’s recent low?

Bitcoin went down to $57,737 and eventually got back above $60,000.

How much Ether did SharpLink pick up?

SharpLink bought 10,000 ETH worth roughly $16 million between June 25 and June 26.

What did Talos have to say about crypto markets?

Talos reckons that in the second quarter, there were over $8.35 billion in liquidations across Bitcoin and Ether leaving markets with less leverage but thinner liquidity entering Q3.