Bitcoin recovers above $62,000 after crash below $60,000

Bitcoin sank more than 53% from its all-time high near $126,277 as record ETF outflows and Fed hawkishness crushed sentiment.bitcoinmagazine
U.S. spot Bitcoin ETFs saw a record $6.35 billion in 30-day net outflows, with BlackRock’s ↘3.22% iShares Bitcoin Trust losing $182 million on June 23 alone, according to Galaxy Research.beincrypto
Standard Chartered’s Geoffrey Kendrick called the $59,000 level the definitive cycle bottom, reaffirming a $100,000 year-end target.bitcoinmagazine

Bitcoin Crashes Below $60,000 to Lowest Level Since October 2024 as ETF Exodus Deepens

Bitcoin broke below the $60,000 threshold this week, touching $59,566 — its lowest price since October 2024 — as a convergence of institutional selling, geopolitical fears, and Federal Reserve hawkishness overwhelmed buyers. The move erased months of gains and left the leading cryptocurrency trading more than 53% below its all-time high of roughly $126,277 set last October.bitcoinmagazine

By Wednesday morning, Bitcoin had recovered modestly to around $62,651, according to Fortune, but the damage from the week’s selling wave was already evident across the market.fortune

Record ETF Outflows Drive the Decline

U.S. spot Bitcoin ETFs have experienced their largest recorded 30-day net outflow, totaling $6.35 billion across six consecutive weeks of withdrawals, according to Galaxy Research. BlackRock’s iShares Bitcoin Trust led exits with roughly $182 million in outflows on June 23 alone, while the broader category posted $113.78 million in net outflows that session.beincrypto

The prolonged outflow streak — which included 13 consecutive sessions of withdrawals in June draining $4.37 billion — pushed 2026 year-to-date cumulative ETF flows into negative territory for the first time, a milestone confirmed by Bloomberg ETF analyst Eric Balchunas.tftc

Institutional Shift Reshapes Market Dynamics

Deutsche Bank macro strategist Marion Laboure has argued that Bitcoin “is not digital gold,” noting that gold outperformed Bitcoin by 65% in 2025 while the cryptocurrency declined 6.5%. The bank’s February report identified three primary factors weighing on Bitcoin: ongoing institutional withdrawals, a breakdown in historical market correlations, and reduced regulatory support.yahoo

The Federal Reserve compounded pressure on risk assets. With U.S.-Iran tensions pushing crude oil prices higher and reigniting inflation fears, Fed officials walked back rate-cut expectations and some raised the possibility of hikes. Strategy, the corporate Bitcoin accumulator founded by Michael Saylor, also rattled sentiment by liquidating a small portion of its holdings in late May.cnbc

Signs of a Potential Floor

Despite the severity of the selloff, some analysts see capitulation signals forming. Standard Chartered’s Geoffrey Kendrick declared in a client note that the drop to $59,000 marks the definitive cycle bottom, reaffirming a year-end target of $100,000. On-chain data shows roughly half of all Bitcoin supply is now underwater — a crossover that in prior cycles has marked floors rather than the start of deeper collapses.bitcoinmagazine

On June 23, spot Bitcoin ETFs recorded $39.2 million in net inflows — the first positive day after the prolonged bleeding streak. Weekly outflows had already fallen 87% from their early-June peak, dropping from $1.72 billion to about $226 million, suggesting the most aggressive phase of institutional selling may be ending.beincrypto