Bitcoin has fallen 2.1% to around $62,546 on June 24, as the broader crypto market continues to decline. This drop comes as technology stocks remain under pressure.
The Philadelphia Semiconductor Index plummeted 7.9% on June 23, while the S&P 500 lost 1.4%, and the Nasdaq 100 dropped 3.3%. The downturn is also affecting other major cryptocurrencies, with ether falling 3.7% to $1,661 and XRP dropping 2.2% to $1.10.
Mike McCluskey, co-founder of tx, a crypto company, pointed out that institutions are reducing risk, citing over $6 billion in 30-day net outflows from spot Bitcoin exchange-traded funds (ETFs) in the US. Additionally, about $10.6 billion in notional Bitcoin options is due to expire on Deribit on June 19.
A separate market data showed that a $6.35 billion 30-day ETF outflow was the largest since the products launched in January 2024.