Bitcoin Dives to New Yearly Low as Institutional Selling Intensifies

Bitcoin (BTC) has been under intense pressure this week, plummeting to a new yearly low of $58,115 on Tuesday before rebounding slightly to trade at around $66,000 on Friday.

The crypto's decline was partly driven by institutional selling, with spot Exchange Traded Funds (ETFs) recording net outflows of $1.35 billion through Thursday. This marks the seventh consecutive week of withdrawals from these funds.

Geopolitical uncertainty and a hawkish Federal Reserve continue to weigh on risk sentiment, keeping BTC under pressure.