Bitcoin Falls Below $60K: Institutional Outflows and Spot Selling Dominate
Bitcoin's price has continued to face downward pressure, breaking through the psychologically important $60,000 level. The decline is primarily driven by persistent institutional ETF outflows, with the Grayscale Bitcoin Trust (GBTC) being the main source of selling. Spot market selling pressure has also intensified, with large sell orders pushing prices below the $60K threshold in recent trading sessions.
On-Chain Data Points to $53.4K as a Key Support Zone
According to on-chain data, the realized price of Bitcoin—a metric that tracks the average acquisition cost of all coins—stands at approximately $53,400. This level is now viewed by market participants as a potential bottom support. Meanwhile, the average cost basis for short-term holders (wallets that have held coins for less than 155 days) has fallen from higher levels to $71,400, suggesting that recent buyers have been accumulating at lower prices rather than chasing highs. This shift in cost structure historically aligns with market bottom formation, though further declines cannot be ruled out.
Macro Headwinds and Market Sentiment
On the macroeconomic front, a strengthening U.S. dollar and stable Treasury yields are weighing on risk assets, including Bitcoin. As global liquidity tightens, capital flows tend to favor dollar-denominated assets, creating additional selling pressure for cryptocurrencies. Market sentiment has turned cautious, with traders closely watching whether Bitcoin can find solid support around the $53,400 level in the near term.