Bitcoin Price Plunges Toward Fifth Straight Monthly Decline as Macro Factors Dominate Market

Bitcoin's price has been declining steadily over the past five months, with market observers attributing the downturn to macroeconomic factors rather than crypto-specific catalysts. The $58,000 mark has become a key stress-test level for Bitcoin, as traders position for downside protection and institutions continue to face pressure through spot ETF outflows.

The market's shift towards macro-driven price action is evident in the growing influence of ETF flows, rate expectations, and cross-asset risk sentiment. This has led to a change in how traders read the tape, with a focus on familiar macro inputs rather than crypto-native narratives.

Data from CryptoQuant shows that daily trading volume in Bitcoin spot ETFs has exceeded the combined volume of global centralized exchanges since May 2025. This indicates that institutional flows have become the dominant liquidity channel, influencing the market's center of gravity and leading to a price-discovery process led by Wall Street.