Bitcoin extended its slide on Friday, trading around $62,875 and leaving the world's largest cryptocurrency down roughly 14% over the week as a record run of outflows from exchange-traded funds drained momentum from the market. The token has now given back a substantial chunk of its 2026 gains, weighed down by rising interest rates and a broad pullback from riskier assets.
The selling has been led by U.S. spot bitcoin ETFs, which have shed about $4.4 billion over 13 consecutive trading days, the longest and largest stretch of net outflows since the products launched. The funds had been a key source of demand during bitcoin's earlier rally, making their reversal a particularly heavy drag on prices.
Friday's move tracked a wider risk-off shift after a stronger-than-expected U.S. jobs report sent Treasury yields higher and pushed investors to scale back bets on near-term Federal Reserve rate cuts. Higher yields tend to dim the appeal of assets that generate no income, and crypto sold off alongside richly valued technology stocks.
By one snapshot, bitcoin was changing hands near $61,929 in late-morning New York trading, down more than $1,750 from the previous day and roughly $39,640 below where it stood a year earlier. Ether and other major tokens fell in tandem, underscoring how closely the asset class has moved with macroeconomic sentiment.
Analysts pointed to a confluence of pressures, from the persistent ETF redemptions to caution ahead of upcoming inflation data and continued geopolitical uncertainty in the Middle East. The combination has sapped the speculative enthusiasm that drove prices higher earlier in the year.
Whether the slide deepens may hinge on the path of interest rates and whether ETF flows stabilize. For now, the record outflows have reset expectations for a market that had grown accustomed to steady institutional buying, leaving traders watching for signs of a floor.