Bitcoin Breaks $60K: Worst Drop in 20 Months
Bitcoin pierced the psychologically important $60,000 level during intraday trading on June 25, 2026, falling as low as $59,023—its lowest price since October 2024 and a fresh 20-month low. At press time, BTC had recovered slightly to trade around $60,600, with the 24-hour loss narrowing to approximately 3%. Over the past seven days, Bitcoin has dropped about 9%. This is the third time this year that Bitcoin has broken below the $60,000 round number, but unlike previous dips, this sell-off occurs against a backdrop of sustained institutional fund withdrawals and a sharp shift in macroeconomic policy expectations. Market confidence has taken a systemic hit.
Spot ETFs See Longest Outflow Streak; Institutions Pull $5.94B in 30 Days
U.S. spot Bitcoin ETFs have emerged as the main driver of the current downturn. Since mid‑May, these funds have recorded net outflows for six consecutive weeks, with a cumulative $5.94 billion exiting over the past 30 days—the largest institutional withdrawal wave since the ETFs launched in January 2024. BlackRock’s IBIT suffered a record single-day outflow of $528 million on May 28, its highest since listing. The total asset value of Bitcoin ETFs has fallen from roughly $113 billion at the start of the year to about $77.5 billion, evaporating more than 30% of their worth. Notably, according to The Block, ETFs still saw a net outflow of approximately $113.8 million on June 23, indicating that the institutional exodus has not yet reversed. Whether selling pressure from institutions eases in the coming weeks will be a key barometer for the market. The problem lies in the cyclical nature of ETF redemptions: when institutions redeem their shares, authorized participants must sell the corresponding Bitcoin directly on the secondary market, creating sustained spot selling pressure. CoinShares has characterized the situation as an “emotional shock” rather than a structural breakdown of crypto fundamentals.
Macro Headwinds: Rate Hike Expectations Pressure Risk Assets
Macroeconomic factors are also weighing heavily on Bitcoin. U.S. job openings surged to 7.62 million in April, far exceeding expectations and hitting the highest level in nearly two years. This pushed the 10‑year Treasury yield back above 4.45%. Cleveland Fed President Beth Hammack subsequently stated that if inflation remains persistent, the Federal Reserve may need to resume rate hikes. According to CME FedWatch, the market’s implied probability of a rate hike by year‑end has now climbed above 50%. In contrast, the strong bull market of 2025 was built on the liquidity expectations of Fed rate cuts. As soon as those expectations reverse and real interest rates rise, institutional funds tend to rotate toward bonds, cash, and other low‑risk assets, leaving Bitcoin—a high‑risk asset—to bear the brunt of the shift. In the near term, all eyes are on the upcoming U.S. inflation data and the Fed’s next policy signals. If the CPI print comes in below expectations, it could offer Bitcoin a temporary relief window. But if inflation proves sticky once again, downward pressure will continue to build. Until extreme fear subsides and ETF fund flows show a clear inflection point, whether Bitcoin can hold the critical $60,000 level may determine the direction of this bear market.
