Bitcoin plunged below $60,000 on June 24, reaching a 20-month low not seen since September 2024. The world’s largest cryptocurrency dropped 52.6% from its all-time high of $126,272 set last October.
The decline is fueled by a rotation out of crypto into artificial intelligence-related equities. US Bitcoin ETFs suffered $6.4 billion in net outflows in May alone, forcing fund issuers to liquidate holdings and adding selling pressure.
The broader crypto market has also taken a hit, with DeFi total value locked falling to a 20-month low. Analysts suggest Bitcoin could test support around $58,000 before any meaningful recovery.