Bitcoin Price Plummets Below $60,000 Amid Record ETF Outflows

Bitcoin's price has fallen below $60,000, down around 30% year-to-date. The cryptocurrency is on track for a second consecutive quarterly loss, with a 13% decline in Q2 so far.

The Federal Reserve's hawkish stance and a stronger U.S. dollar are adding pressure to crypto prices. This is reflected in the outflows from U.S. spot Bitcoin ETFs, which recorded $4.06 billion in net redemptions in June alone.

This is the largest monthly redemption on record for these funds, surpassing the previous high of $3.56 billion set in February 2025. The two-month total now stands at around $6.5 billion, with a year-to-date figure of approximately $5 billion.