Bitcoin (BTC) sank below $60,000 on Wednesday to its lowest since October 2024, down about 52% from its record, as steady spot ETF outflows deepened an eighth monthly decline.
Key Points:
- Bitcoin fell to its lowest since October 2024, down about 52% from its record.
- Spot Bitcoin ETFs shed $182 million this week, a seventh straight week of outflows.
- A larger institutional base is dampening swings compared with past bear markets.
Bitcoin Slides Below $60,000
Bitcoin fell to about $59,000 on Wednesday. That marked its third trip under $60,000 this year, a level last touched on Oct. 10, 2024. The drop deepened a slide of roughly 52% from the all-time high near $126,080 that Bitcoin set in October 2025.
Spot Bitcoin funds have bled $182 million so far this week, putting them on pace for a seventh straight week of net outflows, their longest losing run since the funds' January 2024 debut.
Total assets across those funds have dropped to $77.5 billion, from about $113 billion at the close of 2025.
The math is mechanical. When investors cash out, issuers must sell the underlying coins at once, piling fresh supply onto a market already short on demand. The bleed has not let up.
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Callahan Flags Calmer Bitcoin Market
Capital has rotated out of crypto and into AI stocks, fresh IPOs, and prediction markets throughout 2026, thinning the liquidity left for Bitcoin even as some long-term holders kept buying through the slump. Each leg lower now meets fewer buyers.
A hawkish Federal Reserve and higher Treasury yields have squeezed risk assets across 2026, leaving little appetite for speculative bets. The rate cuts that powered the 2025 rally have stayed off the table, keeping institutional buyers cautious. Traders also spent Wednesday repositioning around corporate earnings.
Sam Callahan, a Bitcoin strategy and research director at OranjeBTC, argued that a far wider investor base, now anchored by ETFs and corporate treasuries, is muting the swings in both directions. He has called this the best bear market yet, pointing to deeper liquidity and a smaller retail footprint than past cycles carried.
Bitcoin clawed back above $60,000 hours after the low, though the bounce did little to shift the broader downtrend. The coin set its record near $126,080 last October and has since surrendered more than half its value. Wednesday's dip was its third break below $60,000 this year and its eighth losing month in a row.
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