Bitcoin’s Bottom Isn’t In Yet? CZ Stays Calm While Whales Keep Selling

Crypto Insight Summary: Bitcoin (BTC) traded near $61,100 on June 9 after falling roughly 10% on the week and more than 50% from its October 2025 peak above $126,000. Binance founder Changpeng Zhao (CZ) urged investors not to panic, framing the decline as temporary. Trading firm Wintermute attributed the selloff to US institutional selling and spot Bitcoin ETF outflows, noting that prior technical support is gone and that capital flows are now dictating direction. Spot Bitcoin ETFs recorded nine consecutive days of outflows totaling approximately $2.97 billion through May 30, marking the longest outflow streak on record. MicroStrategy sold 32 BTC, its first disposal since 2022, a move the firm called immaterial in size but symbolic. Stronger-than-expected US jobs data, with 172,000 additions in May versus the 80,000 expected, reduced near-term expectations of Federal Reserve rate cuts and lifted yields. Santiment data showed a divergence between retail and large holders, as wallets under 0.01 BTC added 0.36% to their collective balance over two weeks while wallets holding 10 to 10,000 BTC cut theirs by 0.20%. Analysts at Santiment noted that durable bottoms typically form with retail capitulation rather than retail conviction, suggesting that widespread surrender has not yet appeared. Wintermute concluded it remains too early to call a market floor until capital inflows return. Crypto Insight Analysis: Direction: Bearish BTC Impact: Major Impact Horizon: Mid-term (1-8 weeks) Reasoning: Institutional outflows and retail divergence signal continued downside pressure.