Bitcoin Hovers Near $60K — Down 50% from Last Year's Record High of $120K

The Quick Take

• Bitcoin briefly fell below $60,000 on June 6, and has since struggled to recover above $64,000.
• The cryptocurrency hit an all-time high above $120,000 in October last year, now trading at roughly half that level.
• Spot Bitcoin ETF outflows reached $2.3 billion in May — the largest monthly outflow figure of 2026.
• Declining ETF flows are identified as the primary driver of Bitcoin's ongoing price weakness.

Bitcoin's price has settled near $60,000, briefly touching below that psychological threshold on June 6, representing a roughly 50% correction from the all-time high above $120,000 reached in October last year. The decline has unfolded over less than eight months, a rapid deflation of the bull cycle that drove institutional adoption and retail FOMO through late 2025. CoinMarketCap data cited by South Korean financial media shows sustained weakness in the $60,000-$64,000 range, with repeated failed attempts to reclaim higher levels.

The proximate cause of Bitcoin's weakness is the reversal of ETF inflows that powered the prior rally. Data from Tiger Research shows spot Bitcoin ETF products experienced a net outflow of $2.3 billion in May 2026 — the single largest monthly outflow of the year — reversing the trend that attracted billions in fresh institutional capital through 2024 and early 2025. This institutional exit pressure creates structural selling headwinds as ETF redemptions require managers to liquidate underlying Bitcoin holdings on spot markets.

Watch for any reversal in Bitcoin ETF flow data as the primary leading indicator of price recovery. Sustained net inflows would signal institutional sentiment has stabilized. The macro variable is US Federal Reserve monetary policy: a rate-cutting cycle resumption would improve risk appetite and potentially attract capital back to speculative assets including crypto. Additionally, monitor whether $60,000 holds as technical support — a sustained break below that level could accelerate selling toward the next major support zone.

Synthesized from 2 sources.