Bitcoin Price Sees Brief Respite Amid Ongoing Selling Pressure and Middle East Tensions

The price of Bitcoin has rebounded to around $63,000 after a significant drop last week, but its recovery is being hampered by institutional investors offloading their holdings through spot exchange-traded funds (ETFs).

Recent data reveals that these institutional players have been sustaining heavy selling pressure, with outflows totaling $1.72 billion from spot ETFs in the past week - the largest weekly withdrawal in over a year.

The cumulative outflow from spot ETFs over the past month stands at a staggering $5.4 billion, signaling cautious sentiment among major crypto holders.