Bitcoin Plunges to $59K as ETF Outflows Hit Record Levels

Bitcoin's price has been steadily declining over the past week, dropping from $60K to $59K on Monday morning. This represents a 7.9% decrease in value over the past seven days.

The main driver behind this decline is the continued outflow of funds from spot Bitcoin ETFs. June's outflows have already surpassed February 2025's record of $3.6B, with time still left to spare on the clock.

This development challenges the notion that institutional access would create a structural floor under Bitcoin's price. Instead, it suggests that institutions are also capable of selling, which is not a surprising revelation but one that needed reminding.

The Crypto Fear and Greed Index currently reads 12, placing sentiment firmly in 'Extreme Fear' territory. This level of fear has historically preceded recoveries, although the timing is never clean.