Bitcoin price has plummeted below $60,000, reaching levels not observed since October 2024 and wiping out months of gains in just a few days. At this time, bitcoin price trades at $59,566 — down more than 10% in 24 hours and roughly 53% off its all-time high of $126,277 set last October. The decline has been severe, rapid, and — for numerous investors — a harsh reality that prompts an uncomfortable inquiry: how much further can this decrease extend? No singular occurrence definitively caused a rupture in the price of bitcoin. What transpired was a simultaneous convergence of unfavourable developments that occurred all at once. U.S. spot Bitcoin ETFs experienced net outflows totalling around $113.8 million as of June 23, indicating a fourth consecutive day of withdrawals.
BlackRock’s IBIT experienced the largest outflows, totalling approximately $182 million, whereas Fidelity’s FBTC and ARK 21Shares’ ARKB saw inflows of around $23 million and $31 million, respectively. The Federal Reserve exacerbated the situation. With tensions between the U.S. and Iran driving crude oil prices upward and rekindling concerns about inflation, Federal Reserve officials have started to retract any discussions regarding rate cuts — with some even suggesting the potential for rate hikes. That conveyed a definitive message to risk asset markets: the liquidity spigot is tightening. Then emerged Strategy. The company, long regarded as a bastion of corporate Bitcoin conviction with its “never sell” stance, divested 32 BTC between May 26–31.
Geoffrey Kendrick issued a client note in early June asserting that the decline in Bitcoin price to $59,000 signifies the conclusive cycle bottom — and reiterated the bank’s year-end target of $100,000. That represents approximately a 70% increase from the current levels. Kendrick linked his conviction to three signals he identified as essential for realisation: a resurgence in ETF inflows, new corporate treasury acquisitions, and a decrease in oil prices as geopolitical tensions subside. On June 23, the initial of those indicators emerged. Spot Bitcoin ETFs experienced net inflows of $39.2 million, marking the first positive day following an extended period of outflows. This uptick was primarily driven by ARK 21Shares’ ARKB, which accounted for $31 million of the total inflows.
Corporate buyers have continued their activities unabated. Strategy acquired 520 BTC for around $35 million this week. Strive Asset Management acquired 759 BTC at an average price close to $65,850. These transactions do not represent panic selling; rather, they reflect institutional bids being executed within a declining market. On-chain data indicates that approximately 50% of the total Bitcoin supply is currently experiencing losses. In previous cycles, that crossover has signified the bottom — rather than the onset of a more profound decline.