Bitcoin Plunges Below $60K for Third Time This Year Amid Ongoing Bear Market

Bitcoin's price plummeted to $59,023.98 on June 24, marking its lowest level since October 2024. This decline is part of an ongoing bear market that has now lasted for eight consecutive months.

The drop extends a drawdown of around 52% from the cryptocurrency's all-time high in October 2025, where it reached $126,080. BTC has also traded below $60,000 three times this year, further exacerbating investor concerns.

ETF outflows have contributed significantly to the decline, with over $182 million in net withdrawals this week alone. This marks a seventh consecutive week of redemptions, which has reduced total assets held in these funds from around $113 billion at the end of 2025 to $77.5 billion.

Sam Callahan, director of Bitcoin strategy and research at OranjeBTC, noted that the expanded institutional investor base is helping to dampen price swings, but warned that this may not be enough to stem the current decline.