• Bitcoin climbed above $60,000 even as spot Bitcoin ETFs recorded net outflows of $296 million on Wednesday.
  • The CoinMarketCap Fear & Greed Index shifted from "Extreme Fear" to "Fear," signaling improved market sentiment.
  • Major altcoins including Ethereum, XRP, and Solana also posted gains as the third quarter began.

Bitcoin Rises Past $60,000 Despite ETF Outflows

Bitcoin pushed past the $60,000 mark on Wednesday, even as spot Bitcoin exchange-traded funds continued to bleed capital. According to data from multiple industry trackers, net outflows from these products totaled $296 million, marking another day of institutional redemptions. The price action suggests that other factors, such as technical support and broader market sentiment, are offsetting the ETF headwinds.

The improvement in sentiment was captured by the CoinMarketCap Fear & Greed Index, which rose from "Extreme Fear" to "Fear." While still in negative territory, the shift indicates that investors are becoming less bearish.

"It's a mixed picture," said one trader, who asked not to be named. "ETF outflows are concerning, but the fact that Bitcoin is holding above $60,000 shows there's still demand from other corners."

Altcoins also benefited from the renewed appetite. Ethereum gained over 3% on the day, XRP rose 2.5%, and Solana advanced more than 4% to start the third quarter. The moves came as crypto markets attempted to shake off a sluggish June.

Analysts noted that the persistence of ETF outflows alongside price strength is unusual, but not unprecedented. Past episodes have seen similar divergences, where spot prices recover even as institutional products face redemptions. The divergence may reflect retail or over-the-counter buying, or increased activity in futures markets.

Attempts to reach several ETF issuers for comment were not immediately returned. The flow data underscores the ongoing recalibration of institutional exposure to digital assets, even as the broader crypto market shows signs of life.

Correction: An earlier version of this article misstated the net outflow figure. The correct amount is $296 million, not $290 million.