The Bitcoin price has continued to struggle, with a significant outflow of $545 million from US Spot Bitcoin ETFs this week, raising concerns about the cryptocurrency's near-term performance. According to Farside Investors, this outflow occurred over just four trading days, indicating a prevailing bearish sentiment in the market.

The outflows from Bitcoin ETFs have sparked fears of a potential price drop, with market analysts predicting a decline to $60,000. Renowned crypto analyst Rekt Capital has warned of further downward pressure in June, while Ali Martinez has noted a decline in investor interest in Bitcoin. This lack of interest could exacerbate the downward pressure on Bitcoin's price.

Leading the outflows was Fidelity's FBTC, with a significant withdrawal of $44.8 million, followed by Grayscale's GBTC and ARK 21Shares Bitcoin ETF (ARKB). These outflows highlight a broad trend of reduced investor confidence across multiple major ETFs. The market's reaction to these outflows could be a precursor to further price declines, as investor sentiment wavers.

Despite the current volatility, some analysts remain optimistic about Bitcoin's long-term potential, anticipating a recovery and rally after this period of downturn. As of writing, Bitcoin's price was down 0.3% at $64,300, with a low of $63,378.89 in the last 24 hours. However, the BTC Futures Open Interest rose 0.43% to $5.50 billion in the four-hour time frame, indicating a potential regain in investor confidence.

In conclusion, the significant outflow from Bitcoin ETFs has raised concerns about the cryptocurrency's short-term outlook. While market analysts predict a potential price drop, some remain optimistic about Bitcoin's long-term potential. As the market continues to evolve, investors will be watching closely to see if Bitcoin can regain its momentum and rally past its current struggles.