Crypto Market Faces Pressure as Bitcoin Drops Below $62,000

The crypto market has been experiencing a challenging period, with Bitcoin prices plummeting to below $62,000 - its lowest since September 2024. This significant drop is attributed to a lack of clear signs of capital returning to the markets.

Bitcoin Exchange-Traded Funds (ETFs) have seen ten consecutive sessions of outflows totaling $2.97 billion through May 30, 2026. The main driving force behind this trend is institutional selling in the US, which has reversed earlier buying momentum.

Despite some long-term investors starting to accumulate at these lower prices, the overall market remains under pressure due to persistent ETF outflows and a challenging macroeconomic environment ahead of the U.S. mid-term elections.