Bitcoin Plummets to $59K as ETF Outflows and Rate Hike Fears Weigh

Bitcoin plummeted to $59,023 on June 25, its lowest value since October 10, 2024. The price had recovered to around $61,800 by publication time.

The decline is attributed to outflows from US spot bitcoin ETFs, which accelerated from $113.8 million to $469 million over the past 24 hours. This has led to a surge in supply amid weak demand, causing the price drop.

Additionally, expectations of a Fed rate hike in September and a strengthening dollar are also contributing to the decline.