Bitcoin Slumps Below $60,000 Amid Record ETF Outflows

Bitcoin's price has fallen below $60,000 as June comes to a close. The cryptocurrency is down around 30% for the year so far and is on track to post its second consecutive quarterly loss, with a 13% decline this quarter.

The U.S. spot Bitcoin ETFs have seen significant outflows in recent months, with $4.06 billion in net redemptions in June alone, the largest monthly redemption on record. This follows May's $2.43 billion in net outflows, bringing the combined two-month total to around $6.5 billion.

The decline in institutional demand has tracked Bitcoin's price drop, with many experts attributing the weakness to a combination of factors including the Federal Reserve's hawkish stance and a stronger U.S. dollar.