Bitcoin drops below $60,000 amid ETF outflows, tech stock slump
Bitcoin (BTC) fell to $59,023.98 on Wednesday, its lowest since October 2024, extending an eight-month decline. The drop was driven by a tech stock pullback and persistent spot ETF outflows totaling $182 million this week, on track for a seventh consecutive week of net redemptions. From its October 2025 all-time high of $126,080, BTC has declined roughly 52%. ETF liquidations create mechanical selling pressure, while capital rotates into AI stocks and IPOs. The CLARITY Act, a US crypto market structure bill, faces a tight timeline before Congress' summer recess. However, analysts note that a larger institutional investor base has reduced volatility compared to previous bear markets. The sustainability of a potential floor depends on ETF flow responses and market signals.
Key facts
- BTC dropped to $59,023.98, lowest since Oct 2024, down ~52% from all-time high.
- Spot Bitcoin ETFs bled $182 million this week, heading for 7th straight weekly outflow.
- ETF liquidations force issuers to sell Bitcoin, adding supply pressure.
- Capital rotates from crypto to AI stocks, IPOs, prediction markets in 2026.
- CLARITY Act faces tight timeline before US Congress summer recess.
- Institutional investor base dampens volatility, says analyst.