Bitcoin Crashes Below $60,000, Hits 52-Week Low Amid Heavy Institutional Exit

Bitcoin has plummeted below $60,000 and hit a 52-week low after a continuous decline since its peak in October last year. The cryptocurrency's price dropped to the $59,000 range on February 6th and has fluctuated between $59,000 and $64,000 as of June 13th.

The current price is more than 50% lower than its all-time high of $126,198 reached in October. Market analysts attribute the price weakness to various factors, including outflows from spot Bitcoin exchange-traded funds (ETFs) and the decision by Strategy, a company holding Bitcoin, to sell a portion of its holdings.

According to Tiger Research, more than $2.3 billion flowed out of spot Bitcoin ETFs last month, marking the largest monthly outflow so far this year. Gwangho Ahn, a researcher at Tiger Research, analyzed that institutional funds have been leading the market exit and triggering cascading liquidations of leveraged positions in the virtual asset futures market.

Additionally, the launch of perpetual futures products related to stocks by overseas derivatives exchanges is cited as a factor weakening Bitcoin market liquidity. The future price trend of Bitcoin is expected to be heavily influenced by the U.S. Senate's passage of the 'Digital Asset Market Clarity Act' and ongoing discussions on 'Strategic Bitcoin Reserves (SBR)'.