Your day-ahead look for June 8, 2026
By Omkar Godbole|Edited by Sheldon RebackUpdated Jun 8, 2026, 11:46 a.m. Published Jun 8, 2026, 11:24 a.m. 3 min readMake preferred on Upcoming IPOs may impact capital flows into crypto markets. (CoinDesk Archives)Key Points:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Bitcoin BTC$62,945.93 has risen above $63,000, yet recent trends in exchange-traded funds (ETFs) raise concerns.
As Bitcoin approached $60,000, the 11 U.S. spot ETFs experienced net outflows totaling $1.72 billion, representing a third consecutive week of increasing redemptions. This occurred during a total weekly trading volume of merely $18.43 billion, as reported by SoSovalue.
In comparison, during a previous similar drop in February when Bitcoin fell to $60,000, the outflows were only $318 million, but the overall weekly volume was $46.15 billion, indicating a market characterized by panic and a battle between buyers and sellers.
Last week, however, the increase in outflows coincided with a decline in trading volume, suggesting a gradual exit from the market rather than a sudden capitulation that typically signifies market bottoms.
This raises doubts about the longevity of Bitcoin's recent recovery. A significant rise in ETF interest may be necessary to drive prices upwards sustainably.
However, this seems unlikely, as the anticipated IPOs from SpaceX and Anthropic—two of the largest in history—could continue to drain liquidity from the overall market, including the crypto sector.
Additionally, U.S. inflation data for May, expected to show an increase above 4%, could further induce volatility across bonds and the financial market as a whole. Stay vigilant!
For insights on current movements in altcoins and derivatives, check out Crypto Markets Today. For a complete list of events this week, see CoinDesk's "Crypto Week Ahead."
Trending Now
- Israel and Iran engage in strikes, raising fears of escalating conflict in the region (AP): Israel and Iran have exchanged attacks for the first time since a U.S.-brokered ceasefire two months ago, heightening the risk of a full-scale war in the Middle East.
- Gold dips below its 200-day moving average, providing a potential boost for Bitcoin investors (CoinDesk): Gold has fallen below its 200-day moving average for the first time since October 2003, a shift often seen as a sign that bullish momentum may be waning and a broader trend reversal could be on the horizon.
- Zcash surges 45% following the announcement of a new 'Ironwood' upgrade (CoinDesk): Zcash has recovered much of its losses from last week, climbing approximately 45%. This increase follows the revelation of a bug in its system that conceals transaction details.
- U.S. Treasury yields increase as traders assess inflation risks and renewed tensions in the Middle East (CNBC): Treasury yields have risen across the board as inflationary pressures grow domestically and renewed conflicts in the Middle East have driven energy prices higher.
Current Analysis
Bitcoin's weekly candlestick chart. (TradingView)The chart illustrates Bitcoin’s weekly price movements in candlestick format since 2023.
The recent downturn has brought BTC closer to the 61.8% Fibonacci retracement level ($57,799) established from the rally between the 2022 bear market low and the 2025 bull market high.
This Fibonacci level, often referred to as the “golden ratio,” is closely monitored as a significant pivot point where trends can either strengthen or reverse, making it essential for evaluating pullback strength and potential entry points.
If this level is broken, the selloff could intensify.
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What to know:
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