Bitcoin’s price has collapsed to the $60,000 level, hitting lows not seen since October 2024, and erasing months of gains in a matter of days. At press time, Bitcoin is trading at $59,566 – down more than 10% in 24 hours and about 53% off its price. Highest level ever The value of $126,277 was set last October.
The decline has been hard and fast, and for many holders it has been a body blow that raises a question no one wants to ask: How much lower can it go? No single event has truly crashed the price of Bitcoin. What happened instead was a bunch of bad news all at once.
US-based Bitcoin ETFs recorded net outflows of approximately $113.8 million as of June 23, marking the fourth straight day of withdrawals. Black Rock He will go It led the exits with outflows of about $182 million, while Fidelity’s FBTC and ARK 21Shares’ ARKB attracted about $23 million and $31 million, respectively.
The Fed has made matters worse. As tensions between the United States and Iran push crude oil prices higher and reignite inflation fears, Fed officials are beginning to back away from any talk of interest rate cuts — and some… I posed Possibility of raising interest rates. This sent a clear signal to risk asset markets: the liquidity spigot is about to close.
Then he came strategy. The company, which has long been seen as an anchor for the company’s Bitcoin conviction through its “never sell” stance, It sold 32 bitcoins from May 26 to 31.
This may (or may not) be the end of the Bitcoin price
Standard Chartered’s Jeffrey Kendrick, global head of digital asset research, issued a note to clients in early June advertisement Bitcoin’s price drop to $59,000 marked the final cycle bottom – reaffirming the bank’s year-end target of $100,000. This represents an increase of approximately 70% from current levels. Kendrick linked his conviction to three signals he said need to materialize: renewed ETF inflows, new corporate treasury purchases, and lower oil prices as geopolitical tensions ease.
On June 23, the first signs appeared. Spot bitcoin ETFs posted $39.2 million in net inflows — the first positive day after a long bleeding streak — led by ARK 21Shares’ ARKB of $31 million.
Corporate buyers haven’t stopped. strategy Purchased 520 BTC for approximately $35 million this week. Strive Asset Management added 759 BTC at an average price of approximately $65,850. These are not panic sell-offs, but rather institutional bids placed in a bear market.
On-chain, nearly half of the total supply of Bitcoin is now underwater. In previous sessions, this crossover served as a floor – not the beginning of a deeper collapse.
