U.S. spot bitcoin and ether exchange-traded funds ended their longest outflow runs since launch on June 4, with bitcoin ETFs recording $3.05 million in net inflows after 13 consecutive sessions of outflows and ether ETFs pulling in $19.3 million to close a 17-day outflow streak, according to SoSoValue data. Bitcoin traded near $62,300 on Friday, with ether at $1,660, as digital assets remained under pressure heading into Friday's U.S. jobs report. The reversal came a day after Standard Chartered global head of digital assets research, Geoffrey Kendrick, told clients the bottom was "almost in," calling the $62,000-to-$64,000 range "the buying zone we all wanted."
Spot Crypto ETFs Record Net Inflows on June 4
U.S. spot bitcoin ETFs recorded $3.05 million in net inflows on June 4, their first positive day after 13 consecutive sessions of outflows. Spot ether ETFs pulled in $19.3 million to end a 17-day outflow streak, according to SoSoValue data. Spot XRP ETFs added $3.84 million and spot HYPE ETFs drew $12.15 million, while spot SOL ETFs saw a $278,500 net outflow. Bitcoin is trading near $62,300 on Friday, with ether at $1,660.
Hyperliquid Perpetual Futures Volumes Shift to Equity Contracts
Institutional derivatives analytics firm Block Scholes found that BTC and ETH perpetual futures volumes on Hyperliquid had fallen to multi-quarter lows—roughly $2 billion for BTC and $600 million to $700 million for ETH—while equity-index and pre-IPO perpetual contracts on the same platform surged. The three highest-volume non-crypto perp contracts, a Nasdaq-100 equivalent, an S&P 500 equivalent, and a WTI crude oil tracker, generated $1.3 billion per day in combined volume and $27.1 billion in notional over the past 30 days, equivalent to 112% of Hyperliquid's ETH perp volume, according to Block Scholes research analyst Thahbib Rahman. Pre-IPO perp volume, led by SpaceX-tracking contracts, jumped from a sub-$5 million daily baseline to upward of $50 million per day. "The marginal bid that used to support majors has relocated," Rahman wrote, "and a sell-off into that vacuum is the symptom." He added that the rotation was an attention and marginal-flow shift rather than a dollar-for-dollar equivalence, noting that the equity-index complex, not pre-IPO perps, was the part of the story most plausibly competing with BTC and ETH for risk budget.
Strategy Discloses First Bitcoin Sale in Years
Capital.com data showed Bitcoin recorded more than $584 million in trading volume and over 433,000 trades in the nine days through June 4, with trade count rising as price fell. "What stands out in our data is that trade count is going up as price goes down," Capital.com Senior Market Analyst Daniela Hathorn said. The selloff accelerated on June 4 after Strategy's 32 BTC sale disclosure, its first net reduction in years. Simon-Peter Massabni, head of business development at XS.com, said the data pointed to a deeper structural shift than routine profit-taking. He argued the current imbalance between buying and selling forces—with bitcoin entering the market faster than fresh liquidity could absorb it—reflected a genuine contraction in risk appetite among both retail and institutional participants, set against persistently high global bond yields and competition from AI-driven equity flows.
Broadcom Earnings and U.S. Jobs Report Set Market Tone
The Nasdaq slipped roughly 0.2% Thursday after Broadcom's quarterly results, which beat revenue and earnings expectations but left its 2027 AI revenue forecast unchanged—enough to trigger a 14% single-session drop in the chip giant's shares and drag down AMD, Qualcomm, Arm, and Micron. Kyle Rodda, senior financial market analyst at Capital.com, attributed the session's partial recovery to a rotation rather than a wholesale selloff, aided by a slide in oil prices after U.S. President Donald Trump said the U.S. and Iran were near a "final" peace agreement. The more immediate market test arrives with Friday's U.S. non-farm payrolls print. Forecasters expect the U.S. economy added 85,000 jobs in May, keeping the unemployment rate at 4.3%. Hathorn noted that the reaction function may be more nuanced than usual. A strong print could revive Federal Reserve rate-hike concerns, while a weak print would raise questions about the durability of growth, especially as equity valuations are already stretched. Futures markets are pricing in slightly better-than-even odds of at least one Fed rate hike before year-end.
FAQ
What did U.S. spot bitcoin and ether ETFs record on June 4?
U.S. spot bitcoin ETFs recorded $3.05 million in net inflows on June 4, their first positive day after 13 consecutive sessions of outflows. Spot ether ETFs pulled in $19.3 million to end a 17-day outflow streak, according to SoSoValue data.
How did perpetual futures volumes on Hyperliquid change?
Block Scholes found that BTC and ETH perpetual futures volumes on Hyperliquid fell to multi-quarter lows—roughly $2 billion for BTC and $600 million to $700 million for ETH—while equity-index and pre-IPO perpetual contracts surged. The three highest-volume non-crypto perp contracts generated $1.3 billion per day in combined volume over the past 30 days, equivalent to 112% of Hyperliquid's ETH perp volume.
