Bitcoin Hits Lowest Level Since Oct. 2024 as Bear Market Grinds Into 8th Month
Bitcoin (BTC) dropped to $59,023.98 on Wednesday, June 24, its lowest value since Oct. 10, 2024, as a pullback in tech shares and chronic spot ETF outflows pushed the flagship cryptocurrency deeper into its eighth consecutive month of decline.
The transfer marks the third time this 12 months BTC has traded beneath $60,000, and extends a drawdown of roughly 52% from the October 2025 all-time high of $126,080.
ETF Outflows Extend the Bleed
Spot Bitcoin ETFs have bled $182 million to date this week, on tempo for a seventh consecutive week of internet outflows, based on SoSoValue information. Total belongings held within the funds have fallen to $77.5 billion from roughly $113 billion on the finish of 2025.
The sustained redemptions create mechanical promoting stress. When buyers exit ETF positions, issuers should liquidate the underlying Bitcoin instantly, including provide to a market already brief on institutional demand signals.
Capital Rotating, Legislation Stalling
Wednesday’s session noticed buyers repositioning forward of Micron Technology’s after-hours earnings. Capital has been rotating away from crypto into AI shares, IPOs, and prediction markets all through 2026, compressing liquidity obtainable to BTC.
Regulatory tailwinds have additionally didn’t materialize on schedule. The CLARITY Act, the first legislative effort to ascertain a crypto market construction framework within the US, has roughly 5 weeks to clear a key procedural hurdle earlier than Congress’ summer time recess. A miss would push the invoice to the autumn, eradicating a possible catalyst from the market at a essential second.
Institutional Floor, Declining Volatility
Despite the gloom, one issue is softening the blow in comparison with earlier crypto winters. Sam Callahan, director of Bitcoin technique and analysis at OranjeBTC, informed CNBC that the expanded institutional investor base is structurally dampening swings in each instructions.
“People say this was the worst bull market and the perfect bear market. What that’s actually saying is that bitcoin’s not as risky as it was in earlier bear markets due to the investor base: it’s bigger, it’s extra liquid, it’s not a lot a smaller retail-held asset.”
— Sam Callahan, CNBC
Whether that institutional ground holds will depend upon how ETF flows reply to Micron’s blowout earnings beat and whether or not the Bitcoin backside indicators analysts have flagged in current weeks lastly translate into sustained shopping for.
The put up Bitcoin Hits Lowest Level Since Oct. 2024 as Bear Market Grinds Into 8th Month appeared first on BeInCrypto.
